JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

Investments	Shares (000)			Value ($000)
COMMON STOCKS — 53.5%
Aerospace & Defense — 0.5%
Airbus SE (France) *		11			774
BAE Systems plc (United Kingdom)		14			84
Dassault Aviation SA (France) *		–	(a)		9
Elbit Systems Ltd. (Israel)		–	(a)		14
General Dynamics Corp.		3			455
Leonardo SpA (Italy)		2			10
MTU Aero Engines AG (Germany)		–	(a)		37
Northrop Grumman Corp.		4			1,221
Raytheon Technologies Corp.		10			567
Rolls-Royce Holdings plc (United Kingdom) *		8			14
Safran SA (France) *		9			878
Singapore Technologies Engineering Ltd. (Singapore)		7			17
Thales SA (France)		–	(a)		34
					4,114
Air Freight & Logistics — 0.1%
Deutsche Post AG (Registered) (Germany)		4			190
DSV Panalpina A/S (Denmark)		1			142
Hyundai Glovis Co. Ltd. (South Korea)		–	(a)		22
SG Holdings Co. Ltd. (Japan)		1			36
Yamato Holdings Co. Ltd. (Japan)		1			34
					424
Airlines — 0.1%
ANA Holdings, Inc. (Japan) *		1			12
Deutsche Lufthansa AG (Registered) (Germany) *		1			11
Japan Airlines Co. Ltd. (Japan)		1			9
Qantas Airways Ltd. (Australia)		4			11
Ryanair Holdings plc, ADR (Ireland) *		6			470
Singapore Airlines Ltd. (Singapore)		6			14
Southwest Airlines Co.		7			251
					778
Auto Components — 0.1%
Aisin Seiki Co. Ltd. (Japan)		1			22
Bridgestone Corp. (Japan)		2			73
Cie Generale des Etablissements Michelin SCA (France)		1			77
Continental AG (Germany)		–	(a)		50
Denso Corp. (Japan)		2			80
Faurecia SE (France) *		–	(a)		14
Hankook Tire & Technology Co. Ltd. (South Korea)		1			33
Hanon Systems (South Korea)		2			25
Hyundai Mobis Co. Ltd. (South Korea)		–	(a)		72
JTEKT Corp. (Japan)		1			7
Koito Manufacturing Co. Ltd. (Japan)		–	(a)		20
Mando Corp. (South Korea)		1			25
NGK Spark Plug Co. Ltd. (Japan)		1			10
Pirelli & C SpA (Italy) * (b)		2			7
Stanley Electric Co. Ltd. (Japan)		1			17
Sumitomo Electric Industries Ltd. (Japan)		3			36
Sumitomo Rubber Industries Ltd. (Japan)		1			7
Toyoda Gosei Co. Ltd. (Japan)		–	(a)		7
Toyota Industries Corp. (Japan)		1			38
Valeo SA (France)		1			30
Yokohama Rubber Co. Ltd. (The) (Japan)		1			7
					657
Automobiles — 0.9%
Astra International Tbk. PT (Indonesia)		87			26
Bayerische Motoren Werke AG (Germany)		1			101
Bayerische Motoren Werke AG (Preference) (Germany)		–	(a)		13
Daimler AG (Registered) (Germany)		4			195
Dongfeng Motor Group Co. Ltd., Class H (China)		46			29
Eicher Motors Ltd. (India)		1			22
Ferrari NV (Italy)		1			98
Fiat Chrysler Automobiles NV (United Kingdom) *		5			57
Geely Automobile Holdings Ltd. (China)		9			18
Honda Motor Co. Ltd. (Japan)		7			164
Hyundai Motor Co. (South Korea)		1			82
Isuzu Motors Ltd. (Japan)		2			20
Kia Motors Corp. (South Korea)		2			78
Maruti Suzuki India Ltd. (India)		1			63
Mazda Motor Corp. (Japan)		2			14
Mitsubishi Motors Corp. (Japan)		3			6
Nissan Motor Co. Ltd. (Japan)		10			35
Peugeot SA (France) *		2			45
Porsche Automobil Holding SE (Preference) (Germany) *		1			38
Renault SA (France) *		1			21
Subaru Corp. (Japan)		3			50
Suzuki Motor Corp. (Japan)		2			69
Tesla, Inc. *		8			3,559
Thor Industries, Inc.		7			696
Toyota Motor Corp. (Japan)		21			1,367
Volkswagen AG (Germany)		–	(a)		24
Volkswagen AG (Preference) (Germany)		4			607
Yamaha Motor Co. Ltd. (Japan)		1			17
					7,514
Banks — 3.5%
ABN AMRO Bank NV, CVA (Netherlands) (b)		2			15
Absa Group Ltd. (South Africa)		6			34
Al Rajhi Bank (Saudi Arabia)		6			102
Alinma Bank (Saudi Arabia) *		9			41
Aozora Bank Ltd. (Japan)		1			8
Australia & New Zealand Banking Group Ltd. (Australia)		12			149
Axis Bank Ltd. (India) *		10			55
Banco Bilbao Vizcaya Argentaria SA (Spain)		28			78
Banco Bradesco SA (Preference) (Brazil)		10			35
Banco Santander Chile, ADR (Chile)		7			95
Banco Santander SA (Spain)		70			131
Bank Central Asia Tbk. PT (Indonesia)		565			1,032

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Bank Hapoalim BM (Israel)		5			26
Bank Leumi Le-Israel BM (Israel)		6			27
Bank of America Corp.		87			2,098
Bank of China Ltd., Class H (China)		204			63
Bank of East Asia Ltd. (The) (Hong Kong)		6			10
Bank of Kyoto Ltd. (The) (Japan)		–	(a)		10
Bank Rakyat Indonesia Persero Tbk. PT (Indonesia)		1,349			277
Bankinter SA (Spain)		3			12
Banque Cantonale Vaudoise (Registered) (Switzerland)		–	(a)		13
Barclays plc (United Kingdom)		73			92
BNP Paribas SA (France) *		12			422
BOC Hong Kong Holdings Ltd. (China)		16			41
CaixaBank SA (Spain)		15			32
Capitec Bank Holdings Ltd. (South Africa)		3			208
Chiba Bank Ltd. (The) (Japan)		2			12
China Construction Bank Corp., Class H (China)		311			202
China Merchants Bank Co. Ltd., Class H (China)		24			112
CIMB Group Holdings Bhd. (Malaysia)		23			17
Citigroup, Inc.		25			1,068
Citizens Financial Group, Inc.		22			563
Commerce Bancshares, Inc.		7			372
Commerzbank AG (Germany) *		4			21
Commonwealth Bank of Australia (Australia)		7			344
Concordia Financial Group Ltd. (Japan)		4			15
Credicorp Ltd. (Peru)		5			560
Credit Agricole SA (France) *		5			43
CTBC Financial Holding Co. Ltd. (Taiwan)		26			17
Cullen/Frost Bankers, Inc.		4			227
Danske Bank A/S (Denmark) *		3			39
DBS Group Holdings Ltd. (Singapore)		8			112
DNB ASA (Norway)		4			56
E.Sun Financial Holding Co. Ltd. (Taiwan)		74			66
Erste Group Bank AG (Austria)		31			645
Fifth Third Bancorp		14			299
FinecoBank Banca Fineco SpA (Italy) *		3			35
First Hawaiian, Inc.		15			214
First Horizon National Corp.		36			338
First Republic Bank		6			664
Fukuoka Financial Group, Inc. (Japan)		1			12
Grupo Financiero Banorte SAB de CV, Class O (Mexico) *		55			192
Hana Financial Group, Inc. (South Korea)		2			50
Hang Seng Bank Ltd. (Hong Kong)		3			47
HDFC Bank Ltd., ADR (India) *		55			2,737
HSBC Holdings plc (United Kingdom)		86			336
Huntington Bancshares, Inc.		21			194
IndusInd Bank Ltd. (India) *		2			13
Industrial & Commercial Bank of China Ltd., Class H (China)		181			94
ING Groep NV (Netherlands)		56			396
Intesa Sanpaolo SpA (Italy)		70			131
Israel Discount Bank Ltd., Class A (Israel)		5			13
Itau Unibanco Holding SA, ADR (Brazil)		57			226
Itausa SA (Preference) (Brazil)		17			27
Japan Post Bank Co. Ltd. (Japan)		2			13
Kasikornbank PCL (Thailand)		10			25
KBC Group NV (Belgium)		15			734
KeyCorp		37			436
Kotak Mahindra Bank Ltd. (India) *		18			308
Lloyds Banking Group plc (United Kingdom)		299			101
M&T Bank Corp.		6			596
Mebuki Financial Group, Inc. (Japan)		4			9
Mediobanca Banca di Credito Finanziario SpA (Italy)		3			21
Mitsubishi UFJ Financial Group, Inc. (Japan)		52			206
Mizrahi Tefahot Bank Ltd. (Israel)		1			11
Mizuho Financial Group, Inc. (Japan)		10			127
Moneta Money Bank A/S (Czech Republic) (b)		8			18
National Australia Bank Ltd. (Australia)		13			173
National Commercial Bank (Saudi Arabia)		5			48
Natwest Group plc (United Kingdom)		20			28
Nordea Bank Abp (Finland)		14			104
OTP Bank Nyrt. (Hungary) *		2			47
Oversea-Chinese Banking Corp. Ltd. (Singapore)		14			87
Ping An Bank Co. Ltd., Class A (China)		22			49
PNC Financial Services Group, Inc. (The)		11			1,205
Postal Savings Bank of China Co. Ltd., Class H (China) (b)		76			32
Public Bank Bhd. (Malaysia)		29			108
Qatar National Bank QPSC (Qatar)		11			57
Raiffeisen Bank International AG (Austria) *		1			10
Resona Holdings, Inc. (Japan)		9			30
Sberbank of Russia PJSC, ADR (Russia) *		–	(a)		3
Sberbank of Russia PJSC (Russia)		66			194
Sberbank of Russia PJSC, ADR (Russia) *		10			119
ServisFirst Bancshares, Inc.		8			267
Seven Bank Ltd. (Japan)		2			6
Shinhan Financial Group Co. Ltd. (South Korea)		2			50
Shinsei Bank Ltd. (Japan)		1			9
Shizuoka Bank Ltd. (The) (Japan)		2			12
Signature Bank		3			278
Skandinaviska Enskilda Banken AB, Class A (Sweden) *		7			61

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Societe Generale SA (France) *		3			45
Standard Chartered plc (United Kingdom)		11			52
Sumitomo Mitsui Financial Group, Inc. (Japan)		6			154
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		1			37
SVB Financial Group *		3			725
Svenska Handelsbanken AB, Class A (Sweden) *		98			821
Swedbank AB, Class A (Sweden) *		4			60
Toronto-Dominion Bank (The) (Canada)		18			849
Truist Financial Corp.		62			2,377
UniCredit SpA (Italy) *		9			74
United Overseas Bank Ltd. (Singapore)		5			70
US Bancorp		15			531
Wells Fargo & Co.		40			936
Western Alliance Bancorp		8			265
Westpac Banking Corp. (Australia)		15			185
					28,378
Beverages — 1.1%
Ambev SA, ADR (Brazil) *		55			123
Anheuser-Busch InBev SA/NV (Belgium)		3			173
Asahi Group Holdings Ltd. (Japan)		2			66
Budweiser Brewing Co. APAC Ltd. (China) (b)		113			331
Carlsberg A/S, Class B (Denmark)		5			670
Cia Cervecerias Unidas SA, ADR (Chile)		1			8
Coca-Cola Amatil Ltd. (Australia)		2			15
Coca-Cola Bottlers Japan Holdings, Inc. (Japan)		1			8
Coca-Cola Co. (The)		47			2,317
Coca-Cola European Partners plc (United Kingdom)		1			33
Coca-Cola HBC AG (Switzerland)		1			21
Constellation Brands, Inc., Class A		9			1,623
Davide Campari-Milano NV (Italy)		2			27
Diageo plc (United Kingdom)		68			2,345
Fomento Economico Mexicano SAB de CV, ADR (Mexico)		3			161
Heineken Holding NV (Netherlands)		–	(a)		38
Heineken NV (Netherlands)		1			97
Ito En Ltd. (Japan)		–	(a)		14
Keurig Dr Pepper, Inc.		10			288
Kirin Holdings Co. Ltd. (Japan)		4			66
Kweichow Moutai Co. Ltd., Class A (China)		2			489
Pernod Ricard SA (France)		1			143
Remy Cointreau SA (France)		–	(a)		17
Suntory Beverage & Food Ltd. (Japan)		1			23
Treasury Wine Estates Ltd. (Australia)		3			20
United Spirits Ltd. (India) *		5			35
					9,151
Biotechnology — 1.1%
AbbVie, Inc.		33			2,876
Alexion Pharmaceuticals, Inc. *		5			578
Alnylam Pharmaceuticals, Inc. *		2			311
Amgen, Inc.		8			1,911
Amoy Diagnostics Co. Ltd., Class A (China) (c)		2			17
Argenx SE (Netherlands) *		–	(a)		50
BeiGene Ltd., ADR (China) *		–	(a)		71
Biogen, Inc. *		1			186
Celltrion, Inc. (South Korea) *		–	(a)		26
CSL Ltd. (Australia)		2			396
Exact Sciences Corp. *		6			574
Exelixis, Inc. *		18			432
Galapagos NV (Belgium) *		–	(a)		25
Genmab A/S (Denmark) *		–	(a)		100
Grifols SA (Spain)		1			36
Innovent Biologics, Inc. (China) * (b)		8			60
PeptiDream, Inc. (Japan) *		–	(a)		19
Regeneron Pharmaceuticals, Inc. *		2			1,031
Vertex Pharmaceuticals, Inc. *		2			567
Zai Lab Ltd., ADR (China) *		–	(a)		29
					9,295
Building Products — 0.5%
AGC, Inc. (Japan)		1			24
Assa Abloy AB, Class B (Sweden)		4			99
China Lesso Group Holdings Ltd. (China)		19			35
Cie de Saint-Gobain (France) *		2			92
Daikin Industries Ltd. (Japan)		1			203
Fortune Brands Home & Security, Inc.		12			1,068
Geberit AG (Registered) (Switzerland)		–	(a)		92
Kingspan Group plc (Ireland)		1			46
Kingspan Group plc (Ireland)		–	(a)		13
Lennox International, Inc.		2			409
LIXIL Group Corp. (Japan)		1			22
Nibe Industrier AB, Class B (Sweden) *		1			34
Patrick Industries, Inc.		3			158
TOTO Ltd. (Japan)		1			28
Trane Technologies plc		17			2,016
					4,339
Capital Markets — 1.7%
3i Group plc (United Kingdom)		4			53
Ameriprise Financial, Inc.		3			527
Amundi SA (France) * (b)		–	(a)		18
ASX Ltd. (Australia)		1			48
B3 SA - Brasil Bolsa Balcao (Brazil)		26			256
BlackRock, Inc.		3			1,432
Blackstone Group, Inc. (The), Class A		8			392
Charles Schwab Corp. (The)		35			1,268
Credit Suisse Group AG (Registered) (Switzerland)		10			102
Daiwa Securities Group, Inc. (Japan)		6			26
Deutsche Bank AG (Registered) (Germany) *		8			70
Deutsche Boerse AG (Germany)		1			141
Eaton Vance Corp.		7			266
EQT AB (Sweden)		1			20
FactSet Research Systems, Inc.		1			310
Focus Financial Partners, Inc., Class A *		8			267
Hargreaves Lansdown plc (United Kingdom)		1			28

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		28			1,299
Invesco Ltd.		17			193
Japan Exchange Group, Inc. (Japan)		2			62
Julius Baer Group Ltd. (Switzerland)		1			40
KIWOOM Securities Co. Ltd. (South Korea)		–	(a)		19
Lazard Ltd., Class A		10			338
London Stock Exchange Group plc (United Kingdom)		9			1,031
LPL Financial Holdings, Inc.		4			303
Macquarie Group Ltd. (Australia)		1			123
Magellan Financial Group Ltd. (Australia)		1			22
Moelis & Co., Class A		8			287
Morgan Stanley		46			2,202
Morningstar, Inc.		3			440
Moscow Exchange MICEX-RTS PJSC (Russia)		26			49
Natixis SA (France) *		4			9
Nomura Holdings, Inc. (Japan)		13			61
Northern Trust Corp.		6			433
Partners Group Holding AG (Switzerland)		–	(a)		73
S&P Global, Inc.		2			611
SBI Holdings, Inc. (Japan)		1			26
Schroders plc (United Kingdom)		1			18
Singapore Exchange Ltd. (Singapore)		3			23
St James’s Place plc (United Kingdom)		2			27
Standard Life Aberdeen plc (United Kingdom)		10			28
State Street Corp.		9			510
StepStone Group, Inc., Class A *		4			96
T. Rowe Price Group, Inc.		4			459
UBS Group AG (Registered) (Switzerland)		15			173
					14,179
Chemicals — 0.9%
Air Liquide SA (France)		2			317
Air Water, Inc. (Japan)		1			11
Akzo Nobel NV (Netherlands)		12			1,221
Arkema SA (France)		–	(a)		31
Asahi Kasei Corp. (Japan)		5			46
Asian Paints Ltd. (India)		9			237
Axalta Coating Systems Ltd. *		11			245
BASF SE (Germany)		4			236
Chr Hansen Holding A/S (Denmark)		–	(a)		49
Clariant AG (Registered) (Switzerland)		1			17
Covestro AG (Germany) (b)		1			36
Croda International plc (United Kingdom)		1			44
Daicel Corp. (Japan)		1			7
Eastman Chemical Co.		21			1,645
EMS-Chemie Holding AG (Registered) (Switzerland)		–	(a)		31
Evonik Industries AG (Germany)		1			23
Formosa Plastics Corp. (Taiwan)		14			38
FUCHS PETROLUB SE (Preference) (Germany)		–	(a)		15
Givaudan SA (Registered) (Switzerland)		–	(a)		168
ICL Group Ltd. (Israel)		3			11
Johnson Matthey plc (United Kingdom)		1			25
JSR Corp. (Japan)		1			21
Kansai Paint Co. Ltd. (Japan)		1			17
Koninklijke DSM NV (Netherlands)		1			120
Kuraray Co. Ltd. (Japan)		1			13
LANXESS AG (Germany)		–	(a)		20
LG Chem Ltd. (South Korea)		–	(a)		116
Linde plc (United Kingdom)		5			1,222
Linde plc (United Kingdom)		3			787
Lotte Chemical Corp. (South Korea)		–	(a)		33
Mitsubishi Chemical Holdings Corp. (Japan)		5			31
Mitsubishi Gas Chemical Co., Inc. (Japan)		1			13
Mitsui Chemicals, Inc. (Japan)		1			19
Nippon Paint Holdings Co. Ltd. (Japan)		1			62
Nippon Sanso Holdings Corp. (Japan)		1			9
Nissan Chemical Corp. (Japan)		1			27
Nitto Denko Corp. (Japan)		1			46
Novozymes A/S, Class B (Denmark)		1			55
Orica Ltd. (Australia)		2			19
Petronas Chemicals Group Bhd. (Malaysia)		22			30
Saudi Basic Industries Corp. (Saudi Arabia)		2			54
Shin-Etsu Chemical Co. Ltd. (Japan)		2			196
Showa Denko KK (Japan)		1			11
Sika AG (Registered) (Switzerland)		1			147
Solvay SA (Belgium)		–	(a)		27
Sumitomo Chemical Co. Ltd. (Japan)		6			21
Symrise AG (Germany)		1			75
Teijin Ltd. (Japan)		1			12
Toray Industries, Inc. (Japan)		6			27
Tosoh Corp. (Japan)		1			18
Umicore SA (Belgium)		1			35
UPL Ltd. (India)		6			40
Yara International ASA (Norway)		1			29
					7,805
Commercial Services & Supplies — 0.4%
Brambles Ltd. (Australia)		6			49
Copart, Inc. *		4			472
Country Garden Services Holdings Co. Ltd. (China)		7			45
Dai Nippon Printing Co. Ltd. (Japan)		1			20
Greentown Service Group Co. Ltd. (China) (b)		18			22
IAA, Inc. *		8			412
MSA Safety, Inc.		4			470
Park24 Co. Ltd. (Japan)		1			8
Rentokil Initial plc (United Kingdom)		8			54
Secom Co. Ltd. (Japan)		1			82
Securitas AB, Class B (Sweden) *		1			20
Sohgo Security Services Co. Ltd. (Japan)		–	(a)		14
Toppan Printing Co. Ltd. (Japan)		1			16
Waste Connections, Inc.		12			1,247
					2,931

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Communications Equipment — 0.1%
Accton Technology Corp. (Taiwan)		4			31
Cisco Systems, Inc.		11			416
CommScope Holding Co., Inc. *		36			321
Nokia OYJ (Finland) *		24			93
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		12			135
					996
Construction & Engineering — 0.2%
ACS Actividades de Construccion y Servicios SA (Spain)		1			26
Bouygues SA (France)		1			33
China Conch Venture Holdings Ltd. (China)		9			40
China State Construction Engineering Corp. Ltd., Class A (China)		45			34
China State Construction International Holdings Ltd. (China)		30			20
CIMIC Group Ltd. (Australia) *		–	(a)		5
Eiffage SA (France) *		–	(a)		29
Ferrovial SA (Spain)		2			50
HOCHTIEF AG (Germany)		–	(a)		8
JGC Holdings Corp. (Japan)		1			9
Kajima Corp. (Japan)		2			23
Larsen & Toubro Ltd. (India)		3			38
Obayashi Corp. (Japan)		3			25
Shimizu Corp. (Japan)		2			17
Skanska AB, Class B (Sweden)		1			30
Taisei Corp. (Japan)		1			27
Vinci SA (France)		9			776
WillScot Mobile Mini Holdings Corp. *		18			306
					1,496
Construction Materials — 0.3%
Anhui Conch Cement Co. Ltd., Class H (China)		4			24
CRH plc (Ireland)		3			120
HeidelbergCement AG (Germany)		1			38
James Hardie Industries plc, CHDI		2			46
LafargeHolcim Ltd. (Registered) (Switzerland) *		26			1,183
Martin Marietta Materials, Inc.		3			797
Siam Cement PCL (The) (Registered) (Thailand)		15			150
Taiheiyo Cement Corp. (Japan)		1			13
UltraTech Cement Ltd. (India)		1			53
					2,424
Consumer Finance — 0.3%
Acom Co. Ltd. (Japan)		2			7
American Express Co.		6			611
Capital One Financial Corp.		23			1,659
Isracard Ltd. (Israel)		–	(a)		–	(a)
Shriram Transport Finance Co. Ltd. (India)		2			17
					2,294
Containers & Packaging — 0.4%
AptarGroup, Inc.		5			589
Ball Corp.		6			457
Crown Holdings, Inc. *		15			1,144
Graphic Packaging Holding Co.		31			433
Packaging Corp. of America		5			550
Pactiv Evergreen, Inc. *		8			95
Smurfit Kappa Group plc (Ireland)		1			38
Westrock Co.		12			426
					3,732
Distributors — 0.1%
Jardine Cycle & Carriage Ltd. (Singapore)		–	(a)		5
LKQ Corp. *		10			286
Pool Corp.		3			873
					1,164
Diversified Consumer Services — 0.1%
Benesse Holdings, Inc. (Japan)		–	(a)		8
Bright Horizons Family Solutions, Inc. *		4			541
New Oriental Education & Technology Group, Inc., ADR (China) *		1			101
					650
Diversified Financial Services — 0.3%
AMP Ltd. (Australia)		15			14
Berkshire Hathaway, Inc., Class B *		7			1,548
Chailease Holding Co. Ltd. (Taiwan)		14			63
Eurazeo SE (France) *		–	(a)		9
EXOR NV (Netherlands)		–	(a)		25
FirstRand Ltd. (South Africa)		24			59
Groupe Bruxelles Lambert SA (Belgium)		–	(a)		43
Industrivarden AB, Class C (Sweden) *		1			18
Investor AB, Class B (Sweden)		2			126
Kinnevik AB, Class B (Sweden)		1			41
L E Lundbergforetagen AB, Class B (Sweden) *		–	(a)		16
M&G plc (United Kingdom)		11			23
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)		2			8
ORIX Corp. (Japan)		6			69
Sofina SA (Belgium)		–	(a)		18
Tokyo Century Corp. (Japan)		–	(a)		11
Wendel SE (France)		–	(a)		10
Yuanta Financial Holding Co. Ltd. (Taiwan)		69			43
					2,144
Diversified Telecommunication Services — 0.4%
Altice Europe NV (Netherlands) *		3			13
BT Group plc (United Kingdom)		38			48
Cellnex Telecom SA (Spain) (b)		12			730
China Unicom Hong Kong Ltd. (China)		50			33
Deutsche Telekom AG (Registered) (Germany)		14			234
Elisa OYJ (Finland)		1			35
Hellenic Telecommunications Organization SA (Greece)		2			33
HKT Trust & HKT Ltd. (Hong Kong)		16			21
Iliad SA (France)		–	(a)		11
Infrastrutture Wireless Italiane SpA (Italy) (b)		1			11
Koninklijke KPN NV (Netherlands)		15			35

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Nippon Telegraph & Telephone Corp. (Japan)		10			202
Orange SA (France)		8			88
PCCW Ltd. (Hong Kong)		18			11
Proximus SADP (Belgium)		1			12
Saudi Telecom Co. (Saudi Arabia)		1			36
Singapore Telecommunications Ltd. (Singapore)		35			54
Spark New Zealand Ltd. (New Zealand)		8			24
Swisscom AG (Registered) (Switzerland)		–	(a)		58
Telecom Italia SpA (Italy)		61			24
Telefonica Brasil SA (Preference) (Brazil)		2			15
Telefonica Deutschland Holding AG (Germany)		4			11
Telefonica SA (Spain)		21			70
Telekomunikasi Indonesia Persero Tbk. PT (Indonesia)		301			52
Telenor ASA (Norway)		3			51
Telia Co. AB (Sweden)		10			42
Telstra Corp. Ltd. (Australia)		18			35
TPG Telecom Ltd. (Australia) *		2			8
United Internet AG (Registered) (Germany)		–	(a)		17
Verizon Communications, Inc.		21			1,257
					3,271
Electric Utilities — 1.3%
American Electric Power Co., Inc.		10			788
AusNet Services (Australia)		8			11
Chubu Electric Power Co., Inc. (Japan)		3			33
Chugoku Electric Power Co., Inc. (The) (Japan)		1			15
CK Infrastructure Holdings Ltd. (Hong Kong)		3			14
CLP Holdings Ltd. (Hong Kong)		7			65
Duke Energy Corp.		4			321
Edison International		6			288
EDP - Energias de Portugal SA (Portugal)		12			58
Electricite de France SA (France)		3			28
Elia Group SA/NV (Belgium)		–	(a)		13
Endesa SA (Spain)		1			36
Enel SpA (Italy)		34			298
Entergy Corp.		3			323
Fortum OYJ (Finland)		2			38
HK Electric Investments & HK Electric Investments Ltd. (Hong Kong) (b)		11			11
Iberdrola SA (Spain)		157			1,931
Kansai Electric Power Co., Inc. (The) (Japan)		3			29
Kyushu Electric Power Co., Inc. (Japan)		2			15
Mercury NZ Ltd. (New Zealand)		3			10
NextEra Energy, Inc.		13			3,559
Orsted A/S (Denmark) (b)		4			551
Portland General Electric Co.		6			197
Power Assets Holdings Ltd. (Hong Kong)		6			32
Power Grid Corp. of India Ltd. (India)		19			41
Red Electrica Corp. SA (Spain)		2			34
Siemens Energy AG (Germany) *		2			44
SSE plc (United Kingdom)		4			68
Tenaga Nasional Bhd. (Malaysia)		13			32
Terna Rete Elettrica Nazionale SpA (Italy)		6			42
Tohoku Electric Power Co., Inc. (Japan)		2			18
Tokyo Electric Power Co. Holdings, Inc. (Japan) *		6			17
Verbund AG (Austria)		–	(a)		16
Xcel Energy, Inc.		27			1,886
					10,862
Electrical Equipment — 0.8%
ABB Ltd. (Registered) (Switzerland)		8			198
AMETEK, Inc.		4			447
Eaton Corp. plc		14			1,416
Fuji Electric Co. Ltd. (Japan)		1			16
Generac Holdings, Inc. *		7			1,369
Legrand SA (France)		1			90
Melrose Industries plc (United Kingdom) *		21			30
Mitsubishi Electric Corp. (Japan)		8			104
NARI Technology Co. Ltd., Class A (China)		13			39
Nidec Corp. (Japan)		2			178
Prysmian SpA (Italy)		1			30
Schneider Electric SE (France)		21			2,661
Shanghai Liangxin Electrical Co. Ltd., Class A (China) (c)		3			11
Siemens Gamesa Renewable Energy SA (Spain)		1			27
Vestas Wind Systems A/S (Denmark)		1			134
WEG SA (Brazil)		14			166
Zhejiang Chint Electrics Co. Ltd., Class A (China)		7			30
					6,946
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		4			389
Arrow Electronics, Inc. *		5			355
BOE Technology Group Co. Ltd., Class A (China)		62			45
Cognex Corp.		5			340
Delta Electronics, Inc. (Taiwan)		55			361
Halma plc (United Kingdom)		2			48
Hamamatsu Photonics KK (Japan)		1			30
Hexagon AB, Class B (Sweden) *		1			90
Hirose Electric Co. Ltd. (Japan)		–	(a)		13
Hitachi Ltd. (Japan)		4			139
Hon Hai Precision Industry Co. Ltd. (Taiwan)		7			19
Ingenico Group SA (France) *		–	(a)		40
Keyence Corp. (Japan)		3			1,497
Keysight Technologies, Inc. *		6			582
Kyocera Corp. (Japan)		1			80
Largan Precision Co. Ltd. (Taiwan)		2			234

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Luxshare Precision Industry Co. Ltd., Class A (China)		3			26
Murata Manufacturing Co. Ltd. (Japan)		2			156
Omron Corp. (Japan)		1			63
Samsung SDI Co. Ltd. (South Korea)		–	(a)		48
Shimadzu Corp. (Japan)		1			27
Sunny Optical Technology Group Co. Ltd. (China)		5			73
TDK Corp. (Japan)		1			55
Tianma Microelectronics Co. Ltd., Class A (China) (c)		12			25
Venture Corp. Ltd. (Singapore)		1			17
Yokogawa Electric Corp. (Japan)		1			16
Zebra Technologies Corp., Class A *		2			487
					5,255
Energy Equipment & Services — 0.0% (d)
China Oilfield Services Ltd., Class H (China)		32			22
Tenaris SA		2			10
					32
Entertainment — 0.8%
Bilibili, Inc., ADR (China) *		1			41
Bollore SA (France)		4			14
CD Projekt SA (Poland) *		1			55
iQIYI, Inc., ADR (China) *		2			34
Konami Holdings Corp. (Japan)		–	(a)		17
NCSoft Corp. (South Korea)		–	(a)		68
NetEase, Inc., ADR (China)		1			337
Netflix, Inc. *		6			2,983
Nexon Co. Ltd. (Japan)		2			52
Nintendo Co. Ltd. (Japan)		1			283
Sea Ltd., ADR (Taiwan) *		9			1,390
Spotify Technology SA *		2			413
Square Enix Holdings Co. Ltd. (Japan)		–	(a)		26
Take-Two Interactive Software, Inc. *		3			486
Toho Co. Ltd. (Japan)		1			21
Ubisoft Entertainment SA (France) *		–	(a)		35
Vivendi SA (France)		4			98
					6,353
Equity Real Estate Investment Trusts (REITs) — 1.1%
American Campus Communities, Inc.		6			208
American Homes 4 Rent, Class A		15			425
Ascendas (Singapore)		13			31
Boston Properties, Inc.		2			141
British Land Co. plc (The) (United Kingdom)		4			16
Brixmor Property Group, Inc.		25			293
CapitaLand Commercial Trust (Singapore)		11			14
CapitaLand Mall Trust (Singapore)		11			16
Covivio (France)		–	(a)		15
CubeSmart		12			373
Daiwa House REIT Investment Corp. (Japan)		–	(a)		20
Dexus (Australia)		5			30
EastGroup Properties, Inc.		5			688
Federal Realty Investment Trust		4			273
Gecina SA (France)		–	(a)		26
GLP J-REIT (Japan)		–	(a)		23
Goodman Group (Australia)		7			90
GPT Group (The) (Australia)		8			23
ICADE (France)		–	(a)		7
Japan Prime Realty Investment Corp. (Japan)		–	(a)		9
Japan Real Estate Investment Corp. (Japan)		–	(a)		31
Japan Retail Fund Investment Corp. (Japan)		–	(a)		17
Kimco Realty Corp.		27			306
Klepierre SA (France)		1			12
Land Securities Group plc (United Kingdom)		3			20
Link (Hong Kong)		9			71
Mapletree Commercial Trust (Singapore)		9			13
Mapletree Logistics Trust (Singapore)		11			17
Mid-America Apartment Communities, Inc.		8			956
Mirvac Group (Australia)		17			26
National Retail Properties, Inc.		11			363
Nippon Building Fund, Inc. (Japan)		–	(a)		28
Nippon Prologis REIT, Inc. (Japan)		–	(a)		30
Nomura Real Estate Master Fund, Inc. (Japan)		–	(a)		23
Orix JREIT, Inc. (Japan)		–	(a)		17
Outfront Media, Inc.		26			374
Prologis, Inc.		27			2,674
Public Storage		3			669
Rayonier, Inc.		17			446
Scentre Group (Australia)		22			35
Segro plc (United Kingdom)		5			60
Stockland (Australia)		10			28
Suntec (Singapore)		8			9
Unibail-Rodamco-Westfield (France)		1			22
United Urban Investment Corp. (Japan)		–	(a)		14
Vicinity Centres (Australia)		16			16
Weyerhaeuser Co.		15			421
					9,419
Food & Staples Retailing — 0.6%
Aeon Co. Ltd. (Japan)		3			75
Alimentation Couche-Tard, Inc., Class B (Canada)		27			940
Atacadao SA (Brazil) *		11			38
BGF retail Co. Ltd. (South Korea)		–	(a)		12
Bid Corp. Ltd. (South Africa)		17			260
BIM Birlesik Magazalar A/S (Turkey)		5			43
BJ’s Wholesale Club Holdings, Inc. *		13			523
Carrefour SA (France)		3			41
Casey’s General Stores, Inc.		1			256
Cencosud SA (Chile)		8			12
Cia Brasileira de Distribuicao (Brazil)		2			23
Clicks Group Ltd. (South Africa)		3			38
Coles Group Ltd. (Australia)		6			69
Colruyt SA (Belgium) *		–	(a)		15
Cosmos Pharmaceutical Corp. (Japan)		–	(a)		17
Dairy Farm International Holdings Ltd. (Hong Kong)		1			5
Dino Polska SA (Poland) * (b)		1			34
FamilyMart Co. Ltd. (Japan)		1			16
ICA Gruppen AB (Sweden)		–	(a)		22

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
J Sainsbury plc (United Kingdom)		7			18
Jeronimo Martins SGPS SA (Portugal)		1			17
Kobe Bussan Co. Ltd. (Japan)		–	(a)		17
Koninklijke Ahold Delhaize NV (Netherlands)		5			137
Laobaixing Pharmacy Chain JSC, Class A (China)		4			47
Lawson, Inc. (Japan)		–	(a)		10
METRO AG (Germany)		1			8
Moran Foods Backstop Equity * ‡		3			3
Performance Food Group Co. *		16			548
Pick n Pay Stores Ltd. (South Africa)		6			16
President Chain Store Corp. (Taiwan)		29			264
Raia Drogasil SA (Brazil)		40			166
Seven & i Holdings Co. Ltd. (Japan)		3			99
SPAR Group Ltd. (The) (South Africa)		4			40
Sundrug Co. Ltd. (Japan)		–	(a)		11
Sysco Corp.		4			277
Tesco plc (United Kingdom)		41			113
Tsuruha Holdings, Inc. (Japan)		–	(a)		28
Walgreens Boots Alliance, Inc.		11			396
Wal-Mart de Mexico SAB de CV (Mexico)		106			254
Welcia Holdings Co. Ltd. (Japan)		–	(a)		18
Wm Morrison Supermarkets plc (United Kingdom)		10			22
Woolworths Group Ltd. (Australia)		5			139
X5 Retail Group NV, GDR (Russia) (b)		1			49
					5,136
Food Products — 0.8%
a2 Milk Co. Ltd. (The) (New Zealand) *		3			32
Ajinomoto Co., Inc. (Japan)		2			41
Almarai Co. JSC (Saudi Arabia)		2			30
Associated British Foods plc (United Kingdom)		2			36
Barry Callebaut AG (Registered) (Switzerland)		–	(a)		29
Britannia Industries Ltd. (India)		1			34
Calbee, Inc. (Japan)		–	(a)		13
Chocoladefabriken Lindt & Spruengli AG (Switzerland)		–	(a)		42
Danone SA (France)		3			169
Foshan Haitian Flavouring & Food Co. Ltd., Class A (China)		8			191
Inner Mongolia Yili Industrial Group Co. Ltd., Class A (China)		4			24
Kerry Group plc, Class A (Ireland)		1			67
Kerry Group plc, Class A (Ireland)		–	(a)		19
Kikkoman Corp. (Japan)		1			33
Lamb Weston Holdings, Inc.		7			441
MEIJI Holdings Co. Ltd. (Japan)		1			38
Mowi ASA (Norway)		2			33
Nestle SA (Registered) (Switzerland)		40			4,814
NH Foods Ltd. (Japan)		–	(a)		13
Nisshin Seifun Group, Inc. (Japan)		1			13
Nissin Foods Holdings Co. Ltd. (Japan)		–	(a)		28
Orkla ASA (Norway)		3			32
Post Holdings, Inc. *		6			524
Savola Group (The) (Saudi Arabia)		2			24
Toyo Suisan Kaisha Ltd. (Japan)		–	(a)		21
Uni-President Enterprises Corp. (Taiwan)		27			58
WH Group Ltd. (Hong Kong) (b)		41			33
Wilmar International Ltd. (China)		8			26
Yakult Honsha Co. Ltd. (Japan)		1			28
Yamazaki Baking Co. Ltd. (Japan)		1			9
					6,895
Gas Utilities — 0.1%
APA Group (Australia)		5			37
Atmos Energy Corp.		4			339
Beijing Enterprises Holdings Ltd. (China)		4			11
China Gas Holdings Ltd. (China)		16			46
Enagas SA (Spain)		1			24
ENN Energy Holdings Ltd. (China)		4			44
Hong Kong & China Gas Co. Ltd. (Hong Kong)		45			65
Kunlun Energy Co. Ltd. (China)		38			25
Naturgy Energy Group SA (Spain)		1			25
Osaka Gas Co. Ltd. (Japan)		2			31
Snam SpA (Italy)		9			44
Toho Gas Co. Ltd. (Japan)		–	(a)		15
Tokyo Gas Co. Ltd. (Japan)		2			37
					743
Health Care Equipment & Supplies — 1.2%
Alcon, Inc. (Switzerland) *		2			118
Ambu A/S, Class B (Denmark)		1			19
Asahi Intecc Co. Ltd. (Japan)		1			25
Baxter International, Inc.		4			330
BioMerieux (France)		–	(a)		27
Boston Scientific Corp. *		65			2,503
Carl Zeiss Meditec AG (Germany)		–	(a)		21
Cochlear Ltd. (Australia)		–	(a)		40
Coloplast A/S, Class B (Denmark)		1			80
Demant A/S (Denmark) *		–	(a)		14
DexCom, Inc. *		1			590
DiaSorin SpA (Italy)		–	(a)		21
Fisher & Paykel Healthcare Corp. Ltd. (New Zealand)		2			54
GN Store Nord A/S (Denmark)		1			41
Hoya Corp. (Japan)		2			181
ICU Medical, Inc. *		2			275
IDEXX Laboratories, Inc. *		1			523
Insulet Corp. *		1			317
Intuitive Surgical, Inc. *		2			1,201
Koninklijke Philips NV (Netherlands) *		4			182
Medtronic plc		6			607
Microport Scientific Corp. (China)		3			12
Olympus Corp. (Japan)		5			102
Sartorius AG (Preference) (Germany)		–	(a)		61
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (China)		1			51
Siemens Healthineers AG (Germany) (b)		1			51
Smith & Nephew plc (United Kingdom)		4			72
Sonova Holding AG (Registered) (Switzerland) *		–	(a)		59
STERIS plc		2			331

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Straumann Holding AG (Registered) (Switzerland)		–	(a)		45
Sysmex Corp. (Japan)		1			67
Terumo Corp. (Japan)		3			107
Top Glove Corp. Bhd. (Malaysia)		8			16
West Pharmaceutical Services, Inc.		2			626
Zimmer Biomet Holdings, Inc.		9			1,239
					10,008
Health Care Providers & Services — 1.2%
Aier Eye Hospital Group Co. Ltd., Class A (China)		3			23
Alfresa Holdings Corp. (Japan)		1			18
AmerisourceBergen Corp.		5			441
Centene Corp. *		7			399
Chemed Corp.		1			279
Cigna Corp.		12			2,091
Encompass Health Corp.		7			454
Fresenius Medical Care AG & Co. KGaA (Germany)		1			76
Fresenius SE & Co. KGaA (Germany)		2			80
HCA Healthcare, Inc.		2			235
Jointown Pharmaceutical Group Co. Ltd., Class A (China) *		2			4
McKesson Corp.		3			407
Medipal Holdings Corp. (Japan)		1			16
Molina Healthcare, Inc. *		3			636
Mouwasat Medical Services Co. (Saudi Arabia)		1			29
NMC Health plc (United Arab Emirates) * ‡		1			—
Orpea (France)*		–	(a)		25
Premier, Inc., Class A		7			217
Quest Diagnostics, Inc.		2			261
Ramsay Health Care Ltd. (Australia)		1			37
Ryman Healthcare Ltd. (New Zealand)		2			16
Sinopharm Group Co. Ltd., Class H (China)		8			17
Sonic Healthcare Ltd. (Australia)		2			45
Suzuken Co. Ltd. (Japan)		–	(a)		11
UnitedHealth Group, Inc.		14			4,287
					10,104
Health Care Technology — 0.1%
GoodRx Holdings, Inc., Class A *		2			119
M3, Inc. (Japan)		2			118
Teladoc Health, Inc. *		2			372
					609
Hotels, Restaurants & Leisure — 0.8%
Accor SA (France) *		1			22
Aristocrat Leisure Ltd. (Australia)		2			53
China CYTS Tours Holding Co. Ltd., Class A (China)		10			16
Compass Group plc (United Kingdom)		8			113
Crown Resorts Ltd. (Australia)		2			10
Dunkin’ Brands Group, Inc.		3			264
Evolution Gaming Group AB (Sweden) (b)		1			35
Flutter Entertainment plc (Ireland)		1			103
Galaxy Entertainment Group Ltd. (Macau)		9			61
Genting Singapore Ltd. (Singapore)		26			13
GVC Holdings plc (United Kingdom)		2			31
Huazhu Group Ltd., ADR (China)		3			118
Huazhu Group Ltd. (China) *		1			24
InterContinental Hotels Group plc (United Kingdom)		15			808
La Francaise des Jeux SAEM (France) (b)		–	(a)		13
Las Vegas Sands Corp.		17			779
McDonald’s Corp.		5			1,125
McDonald’s Holdings Co. Japan Ltd. (Japan)		–	(a)		15
Melco Resorts & Entertainment Ltd., ADR (Hong Kong)		1			15
Minor International PCL (Thailand) *		33			21
OPAP SA (Greece)		3			25
Oriental Land Co. Ltd. (Japan)		1			112
Planet Fitness, Inc., Class A *		3			208
Sands China Ltd. (Macau)		61			237
SJM Holdings Ltd. (Macau)		8			9
Sodexo SA (France)		–	(a)		27
Tabcorp Holdings Ltd. (Australia)		10			24
Vail Resorts, Inc.		1			285
Wendy’s Co. (The)		11			243
Whitbread plc (United Kingdom)		1			23
Wynn Macau Ltd. (Macau) *		6			10
Yum China Holdings, Inc. (China)		6			344
Yum! Brands, Inc.		13			1,171
					6,357
Household Durables — 0.6%
Barratt Developments plc (United Kingdom)		4			26
Berkeley Group Holdings plc (United Kingdom)		1			29
Casio Computer Co. Ltd. (Japan)		1			13
Electrolux AB, Series B (Sweden)		1			22
Garmin Ltd.		7			618
Husqvarna AB, Class B (Sweden)		2			19
Iida Group Holdings Co. Ltd. (Japan)		1			12
KB Home		5			194
Midea Group Co. Ltd., Class A (China)		24			260
Mohawk Industries, Inc. *		3			302
Newell Brands, Inc.		21			356
Nikon Corp. (Japan)		1			9
Panasonic Corp. (Japan)		9			79
Persimmon plc (United Kingdom)		30			968
Rinnai Corp. (Japan)		–	(a)		20
SEB SA (France)		–	(a)		16
Sekisui Chemical Co. Ltd. (Japan)		2			24
Sekisui House Ltd. (Japan)		3			46
Sharp Corp. (Japan)		1			11
Sony Corp. (Japan)		20			1,526
Suofeiya Home Collection Co. Ltd., Class A (China)		7			29
Taylor Wimpey plc (United Kingdom)		420			587
Toll Brothers, Inc.		4			206
					5,372
Household Products — 0.4%
Energizer Holdings, Inc.		12			457
Essity AB, Class B (Sweden) *		3			86
Henkel AG & Co. KGaA (Germany)		–	(a)		41

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Henkel AG & Co. KGaA (Preference) (Germany)		1			79
Hindustan Unilever Ltd. (India)		3			82
Kimberly-Clark de Mexico SAB de CV, Class A (Mexico)		21			33
Lion Corp. (Japan)		1			18
Pigeon Corp. (Japan)		1			22
Procter & Gamble Co. (The)		8			1,047
Reckitt Benckiser Group plc (United Kingdom)		9			877
Reynolds Consumer Products, Inc.		8			231
Unicharm Corp. (Japan)		2			76
Unilever Indonesia Tbk. PT (Indonesia)		146			80
					3,129
Independent Power and Renewable Electricity Producers — 0.0% (d)
CGN Power Co. Ltd., Class H (China) (b)		125			26
China Yangtze Power Co. Ltd., Class A (China)		15			44
Electric Power Development Co. Ltd. (Japan)		1			9
Meridian Energy Ltd. (New Zealand)		5			18
NTPC Ltd. (India)		28			32
Uniper SE (Germany)		1			27
					156
Industrial Conglomerates — 0.4%
Ayala Corp. (Philippines)		1			20
Bidvest Group Ltd. (The) (South Africa)		12			101
Carlisle Cos., Inc.		3			338
CK Hutchison Holdings Ltd. (United Kingdom)		12			70
DCC plc (United Kingdom)		–	(a)		32
Honeywell International, Inc.		12			1,896
Investment AB Latour, Class B (Sweden)		1			15
Jardine Matheson Holdings Ltd. (Hong Kong)		4			143
Jardine Strategic Holdings Ltd. (Hong Kong)		1			18
Keihan Holdings Co. Ltd. (Japan)		–	(a)		17
Keppel Corp. Ltd. (Singapore)		6			20
KOC Holding A/S (Turkey)		15			29
Siemens AG (Registered) (Germany)		3			408
SK Holdings Co. Ltd. (South Korea)		–	(a)		22
Smiths Group plc (United Kingdom)		2			30
Toshiba Corp. (Japan)		2			41
					3,200
Insurance — 2.4%
Admiral Group plc (United Kingdom)		1			27
Aegon NV (Netherlands)		8			20
Ageas SA (Belgium)		1			30
AIA Group Ltd. (Hong Kong)		281			2,791
AIA Group Ltd. (Hong Kong)		42			415
Alleghany Corp.		1			355
Allianz SE (Registered) (Germany)		13			2,410
American International Group, Inc.		10			262
Assicurazioni Generali SpA (Italy)		5			66
Aviva plc (United Kingdom)		17			61
AXA SA (France)		8			151
Baloise Holding AG (Registered) (Switzerland)		–	(a)		29
Bupa Arabia for Cooperative Insurance Co. (Saudi Arabia) *		1			17
China Life Insurance Co. Ltd., Class H (China)		38			86
China Pacific Insurance Group Co. Ltd., Class H (China)		23			66
Chubb Ltd.		12			1,348
Chubb Ltd.		–	(a)		13
CNA Financial Corp.		4			119
CNP Assurances (France) *		1			9
Dai-ichi Life Holdings, Inc. (Japan)		5			65
Direct Line Insurance Group plc (United Kingdom)		6			20
Fairfax Financial Holdings Ltd. (Canada)		1			342
Fubon Financial Holding Co. Ltd. (Taiwan)		43			63
Gjensidige Forsikring ASA (Norway)		1			17
Hannover Rueck SE (Germany)		–	(a)		39
Hartford Financial Services Group, Inc. (The)		11			390
HDFC Life Insurance Co. Ltd. (India) * (b)		30			225
Insurance Australia Group Ltd. (Australia)		10			31
Japan Post Holdings Co. Ltd. (Japan)		7			46
Japan Post Insurance Co. Ltd. (Japan)		1			16
Kinsale Capital Group, Inc.		3			515
Legal & General Group plc (United Kingdom)		373			909
Loews Corp.		33			1,138
Mapfre SA (Spain)		5			7
Marsh & McLennan Cos., Inc.		3			294
Medibank Pvt Ltd. (Australia)		12			21
MS&AD Insurance Group Holdings, Inc. (Japan)		2			51
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		1			150
NN Group NV (Netherlands)		1			46
PICC Property & Casualty Co. Ltd., Class H (China)		44			31
Ping An Insurance Group Co. of China Ltd., Class H (China)		245			2,538
Ping An Insurance Group Co. of China Ltd., Class H (China)		7			67
Poste Italiane SpA (Italy) (b)		2			20
Progressive Corp. (The)		14			1,362
Prudential plc (United Kingdom)		11			158
QBE Insurance Group Ltd. (Australia)		6			39
RLI Corp.		6			500
RSA Insurance Group plc (United Kingdom)		4			26
Sampo OYJ, Class A (Finland)		2			79
Samsung Fire & Marine Insurance Co. Ltd. (South Korea)		–	(a)		58
Sanlam Ltd. (South Africa)		23			72

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
SCOR SE (France) *		1			19
Sompo Holdings, Inc. (Japan)		1			48
Suncorp Group Ltd. (Australia)		5			33
Swiss Life Holding AG (Registered) (Switzerland) *		–	(a)		51
Swiss Re AG (Switzerland)		1			92
T&D Holdings, Inc. (Japan)		2			23
Tokio Marine Holdings, Inc. (Japan)		3			118
Travelers Cos., Inc. (The)		8			915
Tryg A/S (Denmark)		1			16
Zurich Insurance Group AG (Switzerland)		3			1,008
					19,933
Interactive Media & Services — 1.7%
Adevinta ASA (France) *		1			17
Alphabet, Inc., Class A *		2			2,471
Alphabet, Inc., Class C *		3			4,754
Auto Trader Group plc (United Kingdom) (b)		4			30
Baidu, Inc., ADR (China) *		1			86
Facebook, Inc., Class A *		5			1,291
Kakaku.com, Inc. (Japan)		1			16
LINE Corp. (Japan) *		–	(a)		10
Momo, Inc., ADR (China)		1			12
NAVER Corp. (South Korea)		2			430
REA Group Ltd. (Australia)		–	(a)		18
Scout24 AG (Germany) (b)		–	(a)		40
SEEK Ltd. (Australia)		1			22
Tencent Holdings Ltd. (China)		77			5,207
Z Holdings Corp. (Japan)		11			75
					14,479
Internet & Direct Marketing Retail — 2.8%
Alibaba Group Holding Ltd., ADR (China) *		19			5,482
Allegro.eu SA (Poland) * (b)(c)		1			11
Amazon.com, Inc. *		4			11,774
Booking Holdings, Inc. *		1			1,947
Chewy, Inc., Class A *		6			315
Dada Nexus Ltd., ADR (China) *		1			20
Delivery Hero SE (Germany) * (b)		10			1,128
JD.com, Inc., ADR (China) *		9			688
Just Eat Takeaway.com NV (Netherlands) * (b)		1			60
Meituan Dianping, Class B (China) * (b)		11			340
MercadoLibre, Inc. (Argentina) *		1			832
Mercari, Inc. (Japan) *		–	(a)		18
MYT Holding Co. * ‡		37			34
Naspers Ltd., Class N (South Africa) *		1			212
Ocado Group plc (United Kingdom) *		2			68
Pinduoduo, Inc., ADR (China) *		–	(a)		27
Prosus NV (China) *		2			190
Rakuten, Inc. (Japan)		4			39
Trip.com Group Ltd., ADR (China) *		1			30
Zalando SE (Germany) * (b)		1			60
ZOZO, Inc. (Japan)		1			14
					23,289
IT Services — 2.0%
Adyen NV (Netherlands) * (b)		–	(a)		140
Afterpay Ltd. (Australia) *		1			53
Amadeus IT Group SA (Spain)		2			106
Atos SE (France) *		–	(a)		33
Black Knight, Inc. *		3			282
Booz Allen Hamilton Holding Corp.		12			977
Broadridge Financial Solutions, Inc.		3			437
Capgemini SE (France)		7			894
Computershare Ltd. (Australia)		2			18
Edenred (France)		1			46
EPAM Systems, Inc. *		1			297
FleetCor Technologies, Inc. *		5			1,182
Fujitsu Ltd. (Japan)		1			109
GDS Holdings Ltd., ADR (China) *		–	(a)		35
Global Payments, Inc.		5			827
GMO Payment Gateway, Inc. (Japan)		–	(a)		21
Infosys Ltd. (India)		45			624
Infosys Ltd., ADR (India)		13			179
Itochu Techno-Solutions Corp. (Japan)		–	(a)		15
Leidos Holdings, Inc.		10			865
Mastercard, Inc., Class A		15			5,164
MongoDB, Inc. *		2			397
NEC Corp. (Japan)		1			58
Nexi SpA (Italy) * (b)		2			32
Nomura Research Institute Ltd. (Japan)		1			41
NTT Data Corp. (Japan)		3			35
Obic Co. Ltd. (Japan)		–	(a)		53
Okta, Inc. *		1			135
Otsuka Corp. (Japan)		–	(a)		20
PayPal Holdings, Inc. *		12			2,400
SCSK Corp. (Japan)		–	(a)		11
Snowflake, Inc., Class A *		1			226
Tata Consultancy Services Ltd. (India)		25			840
TIS, Inc. (Japan)		1			19
WEX, Inc. *		3			374
Wix.com Ltd. (Israel) *		–	(a)		56
Worldline SA (France) * (b)		1			47
					17,048
Leisure Products — 0.1%
Bandai Namco Holdings, Inc. (Japan)		1			59
Brunswick Corp.		7			425
Sega Sammy Holdings, Inc. (Japan)		1			9
Shimano, Inc. (Japan)		–	(a)		59
Yamaha Corp. (Japan)		1			29
					581
Life Sciences Tools & Services — 0.5%
Eurofins Scientific SE (Luxembourg) *		–	(a)		44
Hangzhou Tigermed Consulting Co. Ltd., Class H (China) * (b)		2			33
Lonza Group AG (Registered) (Switzerland)		2			1,067
Mettler-Toledo International, Inc. *		1			675
Pharmaron Beijing Co. Ltd., Class H (China) (b)		1			18
QIAGEN NV *		1			50
Sartorius Stedim Biotech (France)		–	(a)		40
Syneos Health, Inc. *		7			349
Thermo Fisher Scientific, Inc.		3			1,529
WuXi AppTec Co. Ltd., Class H (China) (b)		3			38
Wuxi Biologics Cayman, Inc. (China) * (b)		5			123
					3,966

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Machinery — 1.8%
Alfa Laval AB (Sweden) *		1			29
Alstom SA (France) *		11			539
Amada Co. Ltd. (Japan)		1			13
ANDRITZ AG (Austria)		–	(a)		9
Ashok Leyland Ltd. (India)		25			25
Atlas Copco AB, Class A (Sweden)		23			1,082
Atlas Copco AB, Class B (Sweden)		2			69
CNH Industrial NV (United Kingdom) *		4			33
Daifuku Co. Ltd. (Japan)		–	(a)		40
Douglas Dynamics, Inc.		5			161
Dover Corp.		7			777
Epiroc AB, Class A (Sweden)		3			40
Epiroc AB, Class B (Sweden)		2			23
FANUC Corp. (Japan)		1			154
GEA Group AG (Germany)		1			23
Hino Motors Ltd. (Japan)		1			8
Hitachi Construction Machinery Co. Ltd. (Japan)		1			18
Hiwin Technologies Corp. (Taiwan)		5			52
Hoshizaki Corp. (Japan)		–	(a)		16
IDEX Corp.		2			443
Illinois Tool Works, Inc.		2			327
Ingersoll Rand, Inc. *		11			375
ITT, Inc.		6			352
Kawasaki Heavy Industries Ltd. (Japan)		1			8
KION Group AG (Germany)		–	(a)		23
Knorr-Bremse AG (Germany)		–	(a)		36
Komatsu Ltd. (Japan)		4			81
Kone OYJ, Class B (Finland)		13			1,147
Kubota Corp. (Japan)		4			79
Kurita Water Industries Ltd. (Japan)		–	(a)		13
Lincoln Electric Holdings, Inc.		5			443
Makita Corp. (Japan)		1			43
Middleby Corp. (The) *		3			286
MINEBEA MITSUMI, Inc. (Japan)		2			29
MISUMI Group, Inc. (Japan)		1			34
Mitsubishi Heavy Industries Ltd. (Japan)		1			31
Miura Co. Ltd. (Japan)		–	(a)		20
Nabtesco Corp. (Japan)		1			18
NGK Insulators Ltd. (Japan)		1			16
Nordson Corp.		3			643
NSK Ltd. (Japan)		2			11
Otis Worldwide Corp.		3			189
RBC Bearings, Inc. *		3			393
Sandvik AB (Sweden) *		5			93
Schindler Holding AG (Switzerland)		–	(a)		47
Schindler Holding AG (Registered) (Switzerland)		–	(a)		23
SKF AB, Class B (Sweden)		42			864
SMC Corp. (Japan)		2			948
Snap-on, Inc.		2			306
Spirax-Sarco Engineering plc (United Kingdom)		–	(a)		44
Stanley Black & Decker, Inc.		14			2,275
Sumitomo Heavy Industries Ltd. (Japan)		1			12
Techtronic Industries Co. Ltd. (Hong Kong)		35			459
THK Co. Ltd. (Japan)		1			13
Toro Co. (The)		10			839
Volvo AB, Class B (Sweden) *		33			640
Wartsila OYJ Abp (Finland)		2			15
Woodward, Inc.		5			406
Yangzijiang Shipbuilding Holdings Ltd. (China)		11			8
Yaskawa Electric Corp. (Japan)		1			39
					15,182
Marine — 0.0% (d)
AP Moller - Maersk A/S, Class A (Denmark)		–	(a)		20
AP Moller - Maersk A/S, Class B (Denmark)		–	(a)		44
Kuehne + Nagel International AG (Registered) (Switzerland)		–	(a)		45
Nippon Yusen KK (Japan)		1			10
					119
Media — 0.8%
Altice USA, Inc., Class A *		9			246
Charter Communications, Inc., Class A *		4			2,361
Clear Channel Outdoor Holdings, Inc. *		11			11
Comcast Corp., Class A		31			1,445
CyberAgent, Inc. (Japan)		–	(a)		25
Dentsu Group, Inc. (Japan)		1			27
Discovery, Inc., Class A *		18			392
Discovery, Inc., Class C *		17			330
DISH Network Corp., Class A *		13			368
Hakuhodo DY Holdings, Inc. (Japan)		1			13
iHeartMedia, Inc., Class A *		–	(a)		3
Informa plc (United Kingdom)		6			31
JCDecaux SA (France) *		–	(a)		6
Liberty Media Corp.-Liberty SiriusXM, Class C *		6			212
New York Times Co. (The), Class A		9			398
Nexstar Media Group, Inc., Class A		5			473
Pearson plc (United Kingdom)		3			23
Publicis Groupe SA (France)		1			29
Schibsted ASA, Class B (Norway) *		–	(a)		16
SES SA, FDR (Luxembourg)		2			11
Telenet Group Holding NV (Belgium)		–	(a)		7
ViacomCBS, Inc.		13			370
WPP plc (United Kingdom)		5			41
					6,838
Metals & Mining — 0.5%
Alrosa PJSC (Russia)		45			43
Anglo American plc (South Africa)		5			125
AngloGold Ashanti Ltd., ADR (Tanzania, United Republic of)		1			37
Antofagasta plc (Chile)		2			22
ArcelorMittal SA (Luxembourg) *		3			40
Baoshan Iron & Steel Co. Ltd., Class A (China)		57			42
BHP Group Ltd. (Australia)		60			1,545
BHP Group plc (Australia)		9			190
BlueScope Steel Ltd. (Australia)		2			20
Boliden AB (Sweden)		1			34

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

Investments	Shares (000)			Value ($000)
China Molybdenum Co. Ltd., Class H (China)		69			25
Evolution Mining Ltd. (Australia)		7			29
Evraz plc (Russia)		2			10
Fortescue Metals Group Ltd. (Australia)		7			84
Gerdau SA (Preference) (Brazil)		12			43
Glencore plc (Australia) *		42			87
Gold Fields Ltd., ADR (South Africa)		1			14
Grupo Mexico SAB de CV, Series B (Mexico)		16			42
Hindalco Industries Ltd. (India)		9			22
Hitachi Metals Ltd. (Japan)		1			14
Impala Platinum Holdings Ltd. (South Africa)		3			26
JFE Holdings, Inc. (Japan)		2			15
Magnitogorsk Iron & Steel Works PJSC, GDR (Russia) (b)		3			19
Maruichi Steel Tube Ltd. (Japan)		–	(a)		5
Mitsubishi Materials Corp. (Japan)		1			10
MMC Norilsk Nickel PJSC, ADR (Russia)		2			39
Newcrest Mining Ltd. (Australia)		3			77
Nippon Steel Corp. (Japan) *		3			32
Norsk Hydro ASA (Norway) *		6			16
Northern Star Resources Ltd. (Australia)		3			31
Novolipetsk Steel PJSC (Russia)		8			18
POSCO (South Korea)		–	(a)		68
Rio Tinto Ltd. (Australia)		2			107
Rio Tinto plc (Australia)		16			974
Severstal PAO, GDR (Russia) (b)		3			43
South32 Ltd. (Australia)		20			30
Sumitomo Metal Mining Co. Ltd. (Japan)		1			31
thyssenkrupp AG (Germany) *		2			9
Vale SA, ADR (Brazil)		12			124
voestalpine AG (Austria)		–	(a)		13
					4,155
Multiline Retail — 0.1%
Isetan Mitsukoshi Holdings Ltd. (Japan)		1			7
Kohl’s Corp.		10			182
Lojas Renner SA (Brazil) *		29			205
Magazine Luiza SA (Brazil)		3			43
Marui Group Co. Ltd. (Japan)		1			15
Neiman Marcus Group Restricted Equity * ‡		–	(a)		6
Neiman Marcus Group Unrestricted Equity * ‡		–	(a)		21
Next plc (United Kingdom)		1			43
Nordstrom, Inc.		12			138
Pan Pacific International Holdings Corp. (Japan)		2			40
Ryohin Keikaku Co. Ltd. (Japan)		1			17
Wesfarmers Ltd. (Australia)		5			153
					870
Multi-Utilities — 0.2%
AGL Energy Ltd. (Australia)		3			26
CMS Energy Corp.		7			431
E.ON SE (Germany)		9			105
Engie SA (France) *		8			103
National Grid plc (United Kingdom)		15			170
NorthWestern Corp.		4			209
RWE AG (Germany)		12			431
Suez SA (France)		1			27
Veolia Environnement SA (France)		2			49
					1,551
Oil, Gas & Consumable Fuels — 1.0%
Ampol Ltd. (Australia)		1			18
Battalion Oil Corp. *		1			4
BP plc (United Kingdom)		372			1,076
Cabot Oil & Gas Corp.		13			234
Chevron Corp.		13			909
China Shenhua Energy Co. Ltd., Class H (China)		26			46
CNOOC Ltd. (China)		84			81
ConocoPhillips		21			676
Diamondback Energy, Inc.		3			86
Ecopetrol SA, ADR (Colombia)		3			26
ENEOS Holdings, Inc. (Japan)		13			46
Eni SpA (Italy)		11			84
EQT Corp.		19			250
Equinor ASA (Norway)		4			60
Equitrans Midstream Corp.		35			299
Formosa Petrochemical Corp. (Taiwan)		14			39
Galp Energia SGPS SA (Portugal)		2			20
Gazprom PJSC, ADR (Russia)		10			45
Idemitsu Kosan Co. Ltd. (Japan)		1			17
Inpex Corp. (Japan)		4			23
Kinder Morgan, Inc.		41			505
Koninklijke Vopak NV (Netherlands)		–	(a)		17
LUKOIL PJSC, ADR (Russia)		2			95
Lundin Energy AB (Sweden)		1			16
Marathon Petroleum Corp.		15			442
Neste OYJ (Finland)		2			94
Oil & Natural Gas Corp. Ltd. (India)		22			21
Oil Search Ltd. (Australia)		8			16
OMV AG (Austria) *		1			17
Origin Energy Ltd. (Australia)		7			23
Petroleo Brasileiro SA (Preference) (Brazil)		23			79
Petronet LNG Ltd. (India)		8			23
Phillips 66		8			427
Pioneer Natural Resources Co.		10			893
PTT Exploration & Production PCL (Thailand)		14			34
PTT PCL (Thailand)		31			32
Reliance Industries Ltd. (India)		9			264
Repsol SA (Spain)		6			42
Royal Dutch Shell plc, Class A (Netherlands)		17			216
Royal Dutch Shell plc, Class B (Netherlands)		16			190
Santos Ltd. (Australia)		7			26
SK Innovation Co. Ltd. (South Korea)		–	(a)		43
S-Oil Corp. (South Korea)		1			34
Tatneft PJSC, ADR (Russia)		1			25
Tatneft PJSC, ADR (Russia)		1			22
Thai Oil PCL (Thailand)		25			26

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
TOTAL SE (France)		10			358
Washington H Soul Pattinson & Co. Ltd. (Australia)		–	(a)		8
Whiting Petroleum Corp. *		4			63
Williams Cos., Inc. (The)		21			414
Woodside Petroleum Ltd. (Australia)		4			51
					8,555
Paper & Forest Products — 0.0% (d)
Mondi plc (United Kingdom)		2			43
Oji Holdings Corp. (Japan)		4			17
Stora Enso OYJ, Class R (Finland)		2			38
Suzano SA (Brazil) *		6			45
Svenska Cellulosa AB SCA, Class B (Sweden) *		3			35
UPM-Kymmene OYJ (Finland)		2			69
					247
Personal Products — 0.5%
Beiersdorf AG (Germany)		–	(a)		48
Coty, Inc., Class A		33			88
Estee Lauder Cos., Inc. (The), Class A		3			726
Kao Corp. (Japan)		2			150
Kobayashi Pharmaceutical Co. Ltd. (Japan)		–	(a)		19
Kose Corp. (Japan)		–	(a)		12
LG Household & Health Care Ltd. (South Korea)		–	(a)		295
L’Oreal SA (France)		1			346
Pola Orbis Holdings, Inc. (Japan)		–	(a)		8
Shiseido Co. Ltd. (Japan)		2			98
Unilever NV (United Kingdom)		34			2,084
Unilever plc (United Kingdom)		5			304
					4,178
Pharmaceuticals — 2.4%
Astellas Pharma, Inc. (Japan)		8			118
AstraZeneca plc (United Kingdom)		6			605
Bayer AG (Registered) (Germany)		4			256
Bristol-Myers Squibb Co.		51			3,045
Catalent, Inc. *		15			1,254
Chugai Pharmaceutical Co. Ltd. (Japan)		3			126
CSPC Pharmaceutical Group Ltd. (China)		28			55
Daiichi Sankyo Co. Ltd. (Japan)		7			221
Eisai Co. Ltd. (Japan)		1			100
Eli Lilly and Co.		12			1,749
GlaxoSmithKline plc (United Kingdom)		85			1,600
H Lundbeck A/S (Denmark)		–	(a)		10
Hikma Pharmaceuticals plc (Jordan)		1			24
Hisamitsu Pharmaceutical Co., Inc. (Japan)		–	(a)		10
Horizon Therapeutics plc *		6			460
Hutchison China MediTech Ltd., ADR (Hong Kong) *		1			23
Ipsen SA (France)		–	(a)		17
Jazz Pharmaceuticals plc *		3			445
Jiangsu Hengrui Medicine Co. Ltd., Class A (China)		4			51
Johnson & Johnson		8			1,147
Kyowa Kirin Co. Ltd. (Japan)		1			31
Merck & Co., Inc.		6			507
Merck KGaA (Germany)		1			80
Nippon Shinyaku Co. Ltd. (Japan)		–	(a)		16
Novartis AG (Registered) (Switzerland)		9			814
Novo Nordisk A/S, Class B (Denmark)		37			2,563
Ono Pharmaceutical Co. Ltd. (Japan)		2			50
Orion OYJ, Class B (Finland)		–	(a)		20
Otsuka Holdings Co. Ltd. (Japan)		2			68
Pfizer, Inc.		24			870
Recordati Industria Chimica e Farmaceutica SpA (Italy)		–	(a)		23
Richter Gedeon Nyrt. (Hungary)		1			14
Roche Holding AG (Switzerland)		7			2,373
Royalty Pharma plc, Class A		9			378
Sanofi (France)		5			478
Santen Pharmaceutical Co. Ltd. (Japan)		2			31
Shionogi & Co. Ltd. (Japan)		1			59
Sumitomo Dainippon Pharma Co. Ltd. (Japan)		1			11
Taisho Pharmaceutical Holdings Co. Ltd. (Japan)		–	(a)		7
Takeda Pharmaceutical Co. Ltd. (Japan)		7			239
Teva Pharmaceutical Industries Ltd., ADR (Israel) *		5			42
UCB SA (Belgium)		1			61
Vifor Pharma AG (Switzerland)		–	(a)		26
					20,077
Professional Services — 0.5%
51job, Inc., ADR (China) *		–	(a)		34
Adecco Group AG (Registered) (Switzerland)		1			35
Bureau Veritas SA (France) *		1			28
CoreLogic, Inc.		3			219
Experian plc (United Kingdom)		4			144
FTI Consulting, Inc. *		5			548
IHS Markit Ltd.		6			481
Intertek Group plc (United Kingdom)		1			56
Nihon M&A Center, Inc. (Japan)		1			34
NMG, Inc. * ‡		–	(a)		11
Persol Holdings Co. Ltd. (Japan)		1			11
Randstad NV (Netherlands) *		1			26
Recruit Holdings Co. Ltd. (Japan)		5			214
RELX plc (United Kingdom)		51			1,146
SGS SA (Registered) (Switzerland)		–	(a)		927
Teleperformance (France)		–	(a)		76
TransUnion		5			384
Wolters Kluwer NV (Netherlands)		1			98
					4,472
Real Estate Management & Development — 0.4%
Aeon Mall Co. Ltd. (Japan)		–	(a)		6
Aroundtown SA (Germany) *		4			21
Ayala Land, Inc. (Philippines)		34			21
Azrieli Group Ltd. (Israel)		–	(a)		8
CapitaLand Ltd. (Singapore)		11			22
CBRE Group, Inc., Class A *		11			499
China Overseas Land & Investment Ltd. (China)		22			54
China Resources Land Ltd. (China)		18			82

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
China Vanke Co. Ltd., Class H (China)		14			42
City Developments Ltd. (Singapore)		2			11
CK Asset Holdings Ltd. (Hong Kong)		11			54
Country Garden Holdings Co. Ltd. (China)		13			16
Cushman & Wakefield plc *		24			251
Daito Trust Construction Co. Ltd. (Japan)		–	(a)		27
Daiwa House Industry Co. Ltd. (Japan)		2			62
Deutsche Wohnen SE (Germany)		1			72
Emaar Properties PJSC (United Arab Emirates) *		25			19
Hang Lung Properties Ltd. (Hong Kong)		9			23
Henderson Land Development Co. Ltd. (Hong Kong)		7			25
Hongkong Land Holdings Ltd. (Hong Kong)		5			18
Hulic Co. Ltd. (Japan)		1			12
Kerry Properties Ltd. (Hong Kong)		3			8
LEG Immobilien AG (Germany)		–	(a)		41
Lendlease Corp. Ltd. (Australia)		3			22
Longfor Group Holdings Ltd. (China)		13			71
Mitsubishi Estate Co. Ltd. (Japan)		5			76
Mitsui Fudosan Co. Ltd. (Japan)		4			68
New World Development Co. Ltd. (Hong Kong)		6			31
Nomura Real Estate Holdings, Inc. (Japan)		1			10
Pacific Century Premium Developments Ltd. (Hong Kong) *		2			1
Poly Developments and Holdings Group Co. Ltd., Class A (China)		17			41
Sino Land Co. Ltd. (Hong Kong)		14			16
Sumitomo Realty & Development Co. Ltd. (Japan)		1			38
Sun Hung Kai Properties Ltd. (Hong Kong)		6			71
Swire Pacific Ltd., Class A (Hong Kong)		2			10
Swire Properties Ltd. (Hong Kong)		5			13
Swiss Prime Site AG (Registered) (Switzerland)		–	(a)		29
Tokyu Fudosan Holdings Corp. (Japan)		3			11
UOL Group Ltd. (Singapore)		2			10
Vonovia SE (Germany)		16			1,078
Wharf Real Estate Investment Co. Ltd. (Hong Kong)		7			29
					3,019
Road & Rail — 1.0%
Aurizon Holdings Ltd. (Australia)		8			25
Canadian National Railway Co. (Canada)		10			1,107
Canadian Pacific Railway Ltd. (Canada)		3			995
Central Japan Railway Co. (Japan)		1			86
East Japan Railway Co. (Japan)		1			80
Hankyu Hanshin Holdings, Inc. (Japan)		1			32
Keikyu Corp. (Japan)		1			14
Keio Corp. (Japan)		–	(a)		25
Keisei Electric Railway Co. Ltd. (Japan)		1			14
Kintetsu Group Holdings Co. Ltd. (Japan)		1			30
Knight-Swift Transportation Holdings, Inc.		7			284
Kyushu Railway Co. (Japan)		1			13
Landstar System, Inc.		3			325
Localiza Rent a Car SA (Brazil) *		4			39
Lyft, Inc., Class A *		23			641
MTR Corp. Ltd. (Hong Kong)		7			32
Nagoya Railroad Co. Ltd. (Japan)		1			22
Nippon Express Co. Ltd. (Japan)		–	(a)		18
Norfolk Southern Corp.		16			3,447
Odakyu Electric Railway Co. Ltd. (Japan)		1			30
Old Dominion Freight Line, Inc.		3			545
Seibu Holdings, Inc. (Japan)		1			10
Tobu Railway Co. Ltd. (Japan)		1			25
Tokyu Corp. (Japan)		2			27
Uber Technologies, Inc. *		16			566
West Japan Railway Co. (Japan)		1			35
					8,467
Semiconductors & Semiconductor Equipment — 3.3%
Advanced Micro Devices, Inc. *		22			1,830
Advantest Corp. (Japan)		1			39
Analog Devices, Inc.		20			2,378
ASE Technology Holding Co. Ltd. (Taiwan)		19			39
ASM Pacific Technology Ltd. (Hong Kong)		1			13
ASML Holding NV (Netherlands)		8			3,094
ASML Holding NV (Registered), NYRS (Netherlands)		2			594
Cabot Microelectronics Corp.		3			429
Disco Corp. (Japan)		–	(a)		24
Enphase Energy, Inc. *		7			594
Entegris, Inc.		8			603
Global Unichip Corp. (Taiwan)		2			18
Globalwafers Co. Ltd. (Taiwan)		3			40
Infineon Technologies AG (Germany)		5			149
Lam Research Corp.		2			770
Lasertec Corp. (Japan)		–	(a)		25
Maxim Integrated Products, Inc.		5			346
MediaTek, Inc. (Taiwan)		3			64
Microchip Technology, Inc.		4			371
Monolithic Power Systems, Inc.		1			246
Nanya Technology Corp. (Taiwan)		11			22
NVIDIA Corp.		3			1,796
NXP Semiconductors NV (Netherlands)		11			1,396
QUALCOMM, Inc.		11			1,301
Realtek Semiconductor Corp. (Taiwan)		5			64
Renesas Electronics Corp. (Japan) *		3			24
Rohm Co. Ltd. (Japan)		–	(a)		31
Silergy Corp. (China)		1			59
SK Hynix, Inc. (South Korea)		2			138
SolarEdge Technologies, Inc. *		3			654
STMicroelectronics NV (Switzerland)		3			83
SUMCO Corp. (Japan)		1			16

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		58			4,724
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		134			2,016
Texas Instruments, Inc.		19			2,751
Tokyo Electron Ltd. (Japan)		1			157
Vanguard International Semiconductor Corp. (Taiwan)		14			47
					26,945
Software — 3.0%
Aspen Technology, Inc. *		4			454
AVEVA Group plc (United Kingdom)		–	(a)		17
Cadence Design Systems, Inc. *		4			430
Ceridian HCM Holding, Inc. *		3			277
Check Point Software Technologies Ltd. (Israel) *		–	(a)		58
Crowdstrike Holdings, Inc., Class A *		4			607
CyberArk Software Ltd. *		–	(a)		17
Dassault Systemes SE (France)		1			104
Guidewire Software, Inc. *		3			365
Kingdee International Software Group Co. Ltd. (China) *		19			50
Kingsoft Corp. Ltd. (China)		10			50
Microsoft Corp.		61			12,821
Nemetschek SE (Germany)		–	(a)		18
Nice Ltd. (Israel) *		–	(a)		60
Oracle Corp. (Japan)		–	(a)		22
Paylocity Holding Corp. *		1			171
PTC, Inc. *		2			165
Q2 Holdings, Inc. *		5			434
RealPage, Inc. *		4			244
Sage Group plc (The) (United Kingdom)		5			43
salesforce.com, Inc. *		9			2,312
SAP SE (Germany)		14			2,110
ServiceNow, Inc. *		1			695
Splunk, Inc. *		3			654
SS&C Technologies Holdings, Inc.		12			711
Synopsys, Inc. *		3			588
TeamViewer AG (Germany) *		1			27
Temenos AG (Registered) (Switzerland)		–	(a)		38
Trade Desk, Inc. (The), Class A *		2			825
Trend Micro, Inc. (Japan)		1			37
Tyler Technologies, Inc. *		1			451
WiseTech Global Ltd. (Australia)		1			12
Zscaler, Inc. *		3			470
					25,337
Specialty Retail — 1.3%
ABC-Mart, Inc. (Japan)		–	(a)		5
AutoZone, Inc. *		1			730
Best Buy Co., Inc.		11			1,176
CarMax, Inc. *		6			578
Fast Retailing Co. Ltd. (Japan)		–	(a)		126
Hennes & Mauritz AB, Class B (Sweden)		3			58
Hikari Tsushin, Inc. (Japan)		–	(a)		24
Home Depot, Inc. (The)		6			1,777
Industria de Diseno Textil SA (Spain)		18			501
JD Sports Fashion plc (United Kingdom)		2			19
Kingfisher plc (United Kingdom)		9			34
Lowe’s Cos., Inc.		5			872
Mr Price Group Ltd. (South Africa)		9			70
Murphy USA, Inc. *		3			382
National Vision Holdings, Inc. *		7			255
Nitori Holdings Co. Ltd. (Japan)		–	(a)		62
O’Reilly Automotive, Inc. *		6			2,979
Ross Stores, Inc.		4			409
Shimamura Co. Ltd. (Japan)		–	(a)		10
Tractor Supply Co.		6			878
USS Co. Ltd. (Japan)		1			16
Yamada Holdings Co. Ltd. (Japan)		3			15
					10,976
Technology Hardware, Storage & Peripherals — 1.8%
Advantech Co. Ltd. (Taiwan)		5			47
Apple, Inc.		85			9,890
Brother Industries Ltd. (Japan)		1			14
Canon, Inc. (Japan)		4			70
Catcher Technology Co. Ltd. (Taiwan)		6			38
FUJIFILM Holdings Corp. (Japan)		2			74
Inventec Corp. (Taiwan)		19			15
Logitech International SA (Registered) (Switzerland)		1			54
Ricoh Co. Ltd. (Japan)		3			19
Samsung Electronics Co. Ltd. (South Korea)		89			4,399
Seiko Epson Corp. (Japan)		1			14
Xiaomi Corp., Class B (China) * (b)		40			108
					14,742
Textiles, Apparel & Luxury Goods — 0.8%
adidas AG (Germany) *		4			1,135
ANTA Sports Products Ltd. (China)		2			21
Burberry Group plc (United Kingdom)		2			34
Carter’s, Inc.		3			224
Cie Financiere Richemont SA (Registered) (Switzerland)		2			148
Columbia Sportswear Co.		4			379
Eclat Textile Co. Ltd. (Taiwan)		3			38
EssilorLuxottica SA (France) *		1			163
Feng TAY Enterprise Co. Ltd. (Taiwan)		4			23
Hermes International (France)		–	(a)		115
Kering SA (France)		–	(a)		212
LVMH Moet Hennessy Louis Vuitton SE (France)		6			2,849
Moncler SpA (Italy) *		1			33
NIKE, Inc., Class B		7			845
Pandora A/S (Denmark)		–	(a)		30
Puma SE (Germany) *		–	(a)		31
Ralph Lauren Corp.		4			277
Shenzhou International Group Holdings Ltd. (China)		4			73
Swatch Group AG (The) (Switzerland)		–	(a)		28
Swatch Group AG (The) (Registered) (Switzerland)		–	(a)		10
					6,668

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Thrifts & Mortgage Finance — 0.1%
Housing Development Finance Corp. Ltd. (India)		36			856
Rocket Cos., Inc., Class A *		13			253
					1,109
Tobacco — 0.2%
Altria Group, Inc.		7			268
British American Tobacco plc (United Kingdom)		10			347
Imperial Brands plc (United Kingdom)		4			71
ITC Ltd. (India)		99			231
Japan Tobacco, Inc. (Japan)		5			93
KT&G Corp. (South Korea)		1			50
Philip Morris International, Inc.		4			322
Swedish Match AB (Sweden)		1			56
					1,438
Trading Companies & Distributors — 0.2%
AerCap Holdings NV (Ireland) *		1			14
Ashtead Group plc (United Kingdom)		2			68
BOC Aviation Ltd. (Singapore) (b)		2			14
Brenntag AG (Germany)		1			41
Bunzl plc (United Kingdom)		1			46
Ferguson plc		10			1,020
ITOCHU Corp. (Japan)		6			146
Marubeni Corp. (Japan)		7			40
Mitsubishi Corp. (Japan)		6			134
Mitsui & Co. Ltd. (Japan)		7			119
MonotaRO Co. Ltd. (Japan)		1			25
Sumitomo Corp. (Japan)		5			60
Toyota Tsusho Corp. (Japan)		1			25
					1,752
Transportation Infrastructure — 0.0% (d)
Aena SME SA (Spain) * (b)		–	(a)		40
Aeroports de Paris (France)		–	(a)		12
Airports of Thailand PCL (Thailand)		23			41
Atlantia SpA (Italy) *		2			33
Auckland International Airport Ltd. (New Zealand)		5			26
Fraport AG Frankfurt Airport Services Worldwide (Germany) *		–	(a)		7
Getlink SE (France) *		2			25
Grupo Aeroportuario del Sureste SAB de CV, Class B (Mexico) *		2			28
International Container Terminal Services, Inc. (Philippines)		9			20
Japan Airport Terminal Co. Ltd. (Japan)		–	(a)		9
Kamigumi Co. Ltd. (Japan)		–	(a)		8
Sydney Airport (Australia)		6			24
Transurban Group (Australia)		12			117
Zhejiang Expressway Co. Ltd., Class H (China)		20			15
					405
Water Utilities — 0.0% (d)
Severn Trent plc (United Kingdom)		1			32
United Utilities Group plc (United Kingdom)		3			31
					63
Wireless Telecommunication Services — 0.2%
America Movil SAB de CV, Series L (Mexico)		142			89
China Mobile Ltd. (China)		19			122
KDDI Corp. (Japan)		7			171
MTN Group Ltd. (South Africa)		8			25
NTT DOCOMO, Inc. (Japan)		5			176
SK Telecom Co. Ltd. (South Korea)		–	(a)		34
SoftBank Corp. (Japan)		12			135
SoftBank Group Corp. (Japan)		7			408
Tele2 AB, Class B (Sweden)		2			30
TIM Participacoes SA (Brazil) *		13			30
T-Mobile US, Inc. *		4			469
Vodacom Group Ltd. (South Africa)		4			27
Vodafone Group plc (United Kingdom)		113			150
					1,866
TOTAL COMMON STOCKS (Cost $319,276)					446,639
INVESTMENT COMPANIES — 14.8%
Fixed Income — 14.8%
JPMorgan Core Bond Fund Class R6 Shares (e)		1,448			17,995
JPMorgan Corporate Bond Fund Class R6 Shares (e)		9,536			102,709
JPMorgan Emerging Markets Debt Fund Class R6 Shares (e)		119			925
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (e)		124			957
Total Fixed Income					122,586
TOTAL INVESTMENT COMPANIES (Cost $118,290)					122,586
	Principal Amount ($000)
CORPORATE BONDS — 11.1%
Aerospace & Defense — 0.2%
Bombardier, Inc. (Canada)
6.13%, 1/15/2023 (f)		87			74
7.50%, 3/15/2025 (f)		195			147
7.88%, 4/15/2027 (f)		98			74
BWX Technologies, Inc. 5.38%, 7/15/2026 (f)		40			42
Howmet Aerospace, Inc.
5.13%, 10/1/2024		229			242
5.90%, 2/1/2027		153			165
5.95%, 2/1/2037		61			65
Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (f)		110			111
TransDigm, Inc. 6.25%, 3/15/2026 (f)		432			453
Triumph Group, Inc.
6.25%, 9/15/2024 (f)		15			13
7.75%, 8/15/2025		85			54
					1,440

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Air Freight & Logistics — 0.0% (d)
XPO Logistics, Inc.
6.13%, 9/1/2023 (f)		157		160
6.75%, 8/15/2024 (f)		148		157
				317
Airlines — 0.0% (d)
Delta Air Lines, Inc.
4.50%, 10/20/2025 (f)		98		101
4.75%, 10/20/2028 (f)		138		143
United Airlines Holdings, Inc. 5.00%, 2/1/2024		69		60
				304
Auto Components — 0.4%
Adient US LLC
9.00%, 4/15/2025 (f)		200		221
7.00%, 5/15/2026 (f)		345		369
Allison Transmission, Inc.
5.00%, 10/1/2024 (f)		110		111
4.75%, 10/1/2027 (f)		20		21
5.88%, 6/1/2029 (f)		235		254
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		370		367
6.25%, 3/15/2026		183		177
6.50%, 4/1/2027		245		237
Clarios Global LP 6.25%, 5/15/2026 (f)		356		373
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (f)		245		172
Dana Financing Luxembourg SARL
5.75%, 4/15/2025 (f)		170		174
6.50%, 6/1/2026 (f)		290		302
Delphi Technologies plc 5.00%, 10/1/2025 (f)		180		206
Goodyear Tire & Rubber Co. (The) 5.00%, 5/31/2026		56		54
Icahn Enterprises LP
6.38%, 12/15/2025		75		77
6.25%, 5/15/2026		44		46
Tenneco, Inc. 5.00%, 7/15/2026		160		118
				3,279
Automobiles — 0.0% (d)
Ford Motor Co.
8.50%, 4/21/2023		70		76
9.00%, 4/22/2025		70		81
9.63%, 4/22/2030		29		37
				194
Banks — 0.1%
CIT Group, Inc.
4.75%, 2/16/2024		115		118
5.25%, 3/7/2025		135		143
Citigroup, Inc. Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (g) (h) (i)		140		147
Natwest Group plc (United Kingdom) 5.13%, 5/28/2024		125		137
				545
Building Products — 0.1%
American Woodmark Corp. 4.88%, 3/15/2026 (f)		140		142
Standard Industries, Inc.
5.00%, 2/15/2027 (f)		118		123
4.75%, 1/15/2028 (f)		240		249
3.38%, 1/15/2031 (f)		60		59
Summit Materials LLC 5.13%, 6/1/2025 (f)		85		86
				659
Capital Markets — 0.0% (d)
Goldman Sachs Group, Inc. (The) Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (g) (h) (i)		100		96
MSCI, Inc. 5.38%, 5/15/2027 (f)		146		156
				252
Chemicals — 0.1%
Axalta Coating Systems LLC 4.75%, 6/15/2027 (f)		150		154
Chemours Co. (The)
6.63%, 5/15/2023		150		152
7.00%, 5/15/2025		345		346
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024 (f)		110		109
5.25%, 6/1/2027 (f)		300		283
Olin Corp. 5.13%, 9/15/2027		50		50
WR Grace & Co.-Conn. 5.63%, 10/1/2024 (f)		30		32
				1,126
Commercial Services & Supplies — 0.2%
ACCO Brands Corp. 5.25%, 12/15/2024 (f)		163		167
ADT Security Corp. (The)
4.13%, 6/15/2023		80		84
4.88%, 7/15/2032 (f)		75		76
Allied Universal Holdco LLC
6.63%, 7/15/2026 (f)		21		22
9.75%, 7/15/2027 (f)		22		24
Aramark Services, Inc.
5.00%, 4/1/2025 (f)		130		132
5.00%, 2/1/2028 (f)		165		166
Covanta Holding Corp. 5.88%, 7/1/2025		40		41
GFL Environmental, Inc. (Canada) 3.75%, 8/1/2025 (f)		95		95
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021 (f)		17		17
5.00%, 2/1/2025 (f)		27		27
Nielsen Finance LLC 5.00%, 4/15/2022 (f)		320		321
Prime Security Services Borrower LLC
5.25%, 4/15/2024 (f)		47		49
5.75%, 4/15/2026 (f)		150		160
6.25%, 1/15/2028 (f)		125		127
				1,508

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Communications Equipment — 0.1%
CommScope Technologies LLC
6.00%, 6/15/2025 (f)		255		258
5.00%, 3/15/2027 (f)		52		50
CommScope, Inc.
5.50%, 3/1/2024 (f)		71		73
6.00%, 3/1/2026 (f)		570		595
8.25%, 3/1/2027 (f)		136		141
				1,117
Construction & Engineering — 0.0% (d)
AECOM 5.13%, 3/15/2027		64		69
Consumer Finance — 0.4%
Ally Financial, Inc.
4.63%, 5/19/2022		225		236
5.75%, 11/20/2025		265		298
8.00%, 11/1/2031		60		82
Avolon Holdings Funding Ltd. (Ireland)
5.13%, 10/1/2023 (f)		99		99
4.38%, 5/1/2026 (f)		85		81
Ford Motor Credit Co. LLC
3.47%, 4/5/2021		200		200
4.06%, 11/1/2024		205		205
4.39%, 1/8/2026		400		395
4.54%, 8/1/2026		665		662
4.27%, 1/9/2027		200		196
Navient Corp.
6.13%, 3/25/2024		140		141
6.75%, 6/25/2025		190		193
5.00%, 3/15/2027		50		47
OneMain Finance Corp.
8.25%, 10/1/2023		100		111
6.13%, 3/15/2024		75		79
6.88%, 3/15/2025		40		44
7.13%, 3/15/2026		120		134
6.63%, 1/15/2028		39		43
5.38%, 11/15/2029		65		68
				3,314
Containers & Packaging — 0.3%
Ardagh Packaging Finance plc
6.00%, 2/15/2025 (f)		200		208
5.25%, 8/15/2027 (f)		400		407
Berry Global, Inc. 4.88%, 7/15/2026 (f)		284		298
Crown Americas LLC 4.75%, 2/1/2026		35		36
LABL Escrow Issuer LLC
6.75%, 7/15/2026 (f)		305		322
10.50%, 7/15/2027 (f)		75		80
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (f)		510		512
7.25%, 4/15/2025 (f)		150		141
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (f) (j)		200		207
				2,211
Distributors — 0.1%
Performance Food Group, Inc. 5.50%, 10/15/2027 (f)		240		247
Wolverine Escrow LLC 9.00%, 11/15/2026 (f)		310		256
				503
Diversified Consumer Services — 0.0% (d)
Service Corp. International
4.63%, 12/15/2027		165		175
5.13%, 6/1/2029		65		72
				247
Diversified Financial Services — 0.1%
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (f)		235		241
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (f)		100		107
8.25%, 11/15/2026 (f)		157		172
Sabre GLBL, Inc.
5.25%, 11/15/2023 (f)		10		10
9.25%, 4/15/2025 (f)		190		209
				739
Diversified Telecommunication Services — 1.4%
Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (f)		200		222
Altice France SA (France) 7.38%, 5/1/2026 (f)		735		770
CCO Holdings LLC
5.75%, 2/15/2026 (f)		1,060		1,103
5.50%, 5/1/2026 (f)		525		547
5.13%, 5/1/2027 (f)		735		773
5.00%, 2/1/2028 (f)		45		47
4.75%, 3/1/2030 (f)		648		686
4.25%, 2/1/2031 (f)		276		286
CenturyLink, Inc.
Series W, 6.75%, 12/1/2023		35		38
Series Y, 7.50%, 4/1/2024		75		84
5.63%, 4/1/2025		470		503
5.13%, 12/15/2026 (f)		580		596
Series G, 6.88%, 1/15/2028		49		55
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (f)		240		247
8.00%, 10/15/2025 (f)		89		94
Embarq Corp. 8.00%, 6/1/2036		147		174
Frontier Communications Corp.
7.13%, 1/15/2023 (k)		55		21
7.63%, 4/15/2024 (k)		25		10
6.88%, 1/15/2025 (k)		14		5
11.00%, 9/15/2025 (k)		67		28
8.50%, 4/1/2026 (f) (j) (k)		207		209
8.00%, 4/1/2027 (f) (j) (k)		340		339
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023 (k)		565		354
8.00%, 2/15/2024 (f) (j) (k)		250		254
8.50%, 10/15/2024 (f) (k)		183		118
9.75%, 7/15/2025 (f) (k)		140		92

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Level 3 Financing, Inc.
5.38%, 1/15/2024		240		243
5.38%, 5/1/2025		120		124
5.25%, 3/15/2026		10		10
4.63%, 9/15/2027 (f)		85		87
Sprint Capital Corp.
6.88%, 11/15/2028		100		125
8.75%, 3/15/2032		891		1,304
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		240		284
6.00%, 9/30/2034		305		355
Virgin Media Secured Finance plc (United Kingdom)
5.50%, 8/15/2026 (f)		200		209
5.50%, 5/15/2029 (f)		200		214
Windstream Services LLC 9.00%, 6/30/2025 (f) (k)		195		2
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (f)		325		320
				10,932
Electric Utilities — 0.1%
NextEra Energy Operating Partners LP 4.25%, 7/15/2024 (f)		63		66
NRG Energy, Inc.
7.25%, 5/15/2026		115		122
6.63%, 1/15/2027		117		124
5.75%, 1/15/2028		124		134
5.25%, 6/15/2029 (f)		10		11
PG&E Corp. 5.00%, 7/1/2028		290		281
Vistra Operations Co. LLC
5.50%, 9/1/2026 (f)		190		198
5.63%, 2/15/2027 (f)		70		74
				1,010
Electrical Equipment — 0.0% (d)
Sensata Technologies BV 5.63%, 11/1/2024 (f)		260		282
Electronic Equipment, Instruments & Components — 0.0% (d)
CDW LLC
5.50%, 12/1/2024		45		49
4.25%, 4/1/2028		193		200
				249
Energy Equipment & Services — 0.1%
Archrock Partners LP 6.88%, 4/1/2027 (f)		9		9
Nabors Industries Ltd. 7.25%, 1/15/2026 (f)		50		25
Nabors Industries, Inc. 5.75%, 2/1/2025		115		39
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025 (f)		87		34
Transocean Guardian Ltd. 5.88%, 1/15/2024 (f)		164		106
Transocean Pontus Ltd. 6.13%, 8/1/2025 (f)		94		84
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (f)		84		67
Transocean Proteus Ltd. 6.25%, 12/1/2024 (f)		67		59
Transocean, Inc. 11.50%, 1/30/2027 (f)		38		15
				438
Entertainment — 0.2%
AMC Entertainment Holdings, Inc.
10.50%, 4/24/2026 (f)		73		53
12.00% (PIK), 6/15/2026 (f) (l)		202		52
Cinemark USA, Inc.
4.88%, 6/1/2023		147		125
8.75%, 5/1/2025 (f)		60		64
Live Nation Entertainment, Inc.
5.63%, 3/15/2026 (f)		59		57
6.50%, 5/15/2027 (f)		210		227
4.75%, 10/15/2027 (f)		255		238
Netflix, Inc.
5.88%, 2/15/2025		22		25
4.88%, 4/15/2028		100		112
5.88%, 11/15/2028		142		169
5.38%, 11/15/2029 (f)		85		100
4.88%, 6/15/2030 (f)		570		650
WMG Acquisition Corp. 3.88%, 7/15/2030 (f)		120		124
				1,996
Equity Real Estate Investment Trusts (REITs) — 0.3%
Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (f)		80		63
ESH Hospitality, Inc.
5.25%, 5/1/2025 (f)		80		81
4.63%, 10/1/2027 (f)		174		171
Iron Mountain, Inc.
4.88%, 9/15/2027 (f)		124		126
4.88%, 9/15/2029 (f)		165		168
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		220		233
5.75%, 2/1/2027		254		274
4.50%, 1/15/2028		15		15
RHP Hotel Properties LP
5.00%, 4/15/2023		120		117
4.75%, 10/15/2027		120		111
SBA Communications Corp. 3.88%, 2/15/2027 (f)		130		132
Uniti Group LP 6.00%, 4/15/2023 (f)		80		80
VICI Properties LP
3.50%, 2/15/2025 (f)		30		30
4.25%, 12/1/2026 (f)		405		407
3.75%, 2/15/2027 (f)		275		270
4.13%, 8/15/2030 (f)		30		30
				2,308
Food & Staples Retailing — 0.1%
Albertsons Cos., Inc.
3.50%, 2/15/2023 (f)		40		41
5.75%, 3/15/2025		133		137
3.25%, 3/15/2026 (f)		100		99
7.50%, 3/15/2026 (f)		115		126

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
4.63%, 1/15/2027 (f)		85		87
3.50%, 3/15/2029 (f)		100		97
4.88%, 2/15/2030 (f)		90		94
New Albertsons LP 8.00%, 5/1/2031		29		34
Rite Aid Corp.
7.50%, 7/1/2025 (f)		157		155
8.00%, 11/15/2026 (f)		274		273
				1,143
Food Products — 0.3%
B&G Foods, Inc. 5.25%, 4/1/2025		169		174
JBS USA LUX SA
5.75%, 6/15/2025 (f)		120		123
6.50%, 4/15/2029 (f)		24		27
5.50%, 1/15/2030 (f)		216		236
Kraft Heinz Foods Co.
4.63%, 1/30/2029		670		745
4.63%, 10/1/2039 (f)		49		52
5.00%, 6/4/2042		146		159
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (f)		200		209
Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (f)		105		107
Post Holdings, Inc.
5.00%, 8/15/2026 (f)		199		204
5.75%, 3/1/2027 (f)		210		221
5.63%, 1/15/2028 (f)		90		95
5.50%, 12/15/2029 (f)		36		39
4.63%, 4/15/2030 (f)		42		43
				2,434
Gas Utilities — 0.0% (d)
AmeriGas Partners LP
5.50%, 5/20/2025		267		287
5.88%, 8/20/2026		25		27
5.75%, 5/20/2027		39		43
				357
Health Care Equipment & Supplies — 0.1%
Avantor Funding, Inc. 4.63%, 7/15/2028 (f)		130		135
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (f)		100		103
Hologic, Inc. 4.38%, 10/15/2025 (f)		222		227
Teleflex, Inc. 4.88%, 6/1/2026		32		33
				498
Health Care Providers & Services — 0.9%
Acadia Healthcare Co., Inc. 5.63%, 2/15/2023		73		73
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (f)		41		41
Centene Corp.
4.75%, 1/15/2025		57		59
5.25%, 4/1/2025 (f)		106		110
5.38%, 6/1/2026 (f)		99		104
4.25%, 12/15/2027		130		136
4.63%, 12/15/2029		320		345
3.38%, 2/15/2030		280		291
3.00%, 10/15/2030		120		122
Community Health Systems, Inc.
6.25%, 3/31/2023		100		98
8.63%, 1/15/2024 (f)		185		183
8.00%, 3/15/2026 (f)		24		24
DaVita, Inc.
4.63%, 6/1/2030 (f)		120		123
3.75%, 2/15/2031 (f)		171		165
Encompass Health Corp.
5.75%, 11/1/2024		197		197
4.50%, 2/1/2028		295		297
HCA, Inc.
5.88%, 5/1/2023		195		212
5.38%, 2/1/2025		105		115
5.88%, 2/15/2026		1,168		1,309
5.63%, 9/1/2028		154		176
5.88%, 2/1/2029		700		816
3.50%, 9/1/2030		245		249
Polaris Intermediate Corp. 8.50%(cash), 12/1/2022 (f) (l)		102		104
Tenet Healthcare Corp.
6.75%, 6/15/2023		210		221
4.63%, 7/15/2024		184		184
4.63%, 9/1/2024 (f)		101		102
5.13%, 5/1/2025		131		131
4.88%, 1/1/2026 (f)		602		611
6.25%, 2/1/2027 (f)		510		526
5.13%, 11/1/2027 (f)		63		65
				7,189
Health Care Technology — 0.0% (d)
IQVIA, Inc. 5.00%, 5/15/2027 (f)		200		210
Hotels, Restaurants & Leisure — 0.7%
1011778 BC ULC (Canada)
4.25%, 5/15/2024 (f)		270		274
5.00%, 10/15/2025 (f)		145		149
3.88%, 1/15/2028 (f)		30		31
Boyd Gaming Corp. 6.38%, 4/1/2026		212		221
Caesars Resort Collection LLC 5.75%, 7/1/2025 (f)		72		74
Cedar Fair LP
5.38%, 4/15/2027		4		4
5.25%, 7/15/2029		85		81
Enterprise Development Authority (The) 12.00%, 7/15/2024 (f)		67		75
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024		20		20
5.13%, 5/1/2026		357		367
4.88%, 1/15/2030		48		49
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		115		116
4.88%, 4/1/2027		60		61
International Game Technology plc
6.50%, 2/15/2025 (f)		200		213
6.25%, 1/15/2027 (f)		200		215

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Marriott International, Inc. Series EE, 5.75%, 5/1/2025		100		111
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		255		262
MGM Resorts International
6.75%, 5/1/2025		395		413
5.75%, 6/15/2025		14		15
4.63%, 9/1/2026		481		478
5.50%, 4/15/2027		79		83
Royal Caribbean Cruises Ltd.
10.88%, 6/1/2023 (f)		105		117
11.50%, 6/1/2025 (f)		158		184
Scientific Games International, Inc. 5.00%, 10/15/2025 (f)		215		216
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (f)		227		213
5.50%, 4/15/2027 (f)		65		62
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (f)		115		122
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (f)		184		196
Station Casinos LLC
5.00%, 10/1/2025 (f)		115		113
4.50%, 2/15/2028 (f)		15		14
Wyndham Destinations, Inc.
6.35%, 10/1/2025 (j)		36		38
5.75%, 4/1/2027 (j)		34		35
Wynn Las Vegas LLC 5.50%, 3/1/2025 (f)		402		386
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (f)		355		344
Yum! Brands, Inc.
7.75%, 4/1/2025 (f)		120		133
4.75%, 1/15/2030 (f)		177		190
3.63%, 3/15/2031		111		111
				5,786
Household Durables — 0.2%
Lennar Corp.
4.75%, 5/30/2025		130		142
5.25%, 6/1/2026		65		73
5.00%, 6/15/2027		125		140
Newell Brands, Inc.
4.70%, 4/1/2026 (j)		430		458
5.87%, 4/1/2036 (j)		80		92
Tempur Sealy International, Inc.
5.63%, 10/15/2023		319		322
5.50%, 6/15/2026		203		211
				1,438
Household Products — 0.2%
Central Garden & Pet Co.
6.13%, 11/15/2023		55		56
5.13%, 2/1/2028		195		205
Energizer Holdings, Inc. 7.75%, 1/15/2027 (f)		555		606
Spectrum Brands, Inc.
6.13%, 12/15/2024		59		61
5.75%, 7/15/2025		273		281
5.00%, 10/1/2029 (f)		106		110
				1,319
Independent Power and Renewable Electricity Producers — 0.0% (d)
Calpine Corp. 5.25%, 6/1/2026 (f)		285		296
Clearway Energy Operating LLC
5.75%, 10/15/2025		5		5
5.00%, 9/15/2026		60		63
				364
Internet & Direct Marketing Retail — 0.0% (d)
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (f)		155		143
IT Services — 0.0% (d)
Gartner, Inc. 4.50%, 7/1/2028 (f)		130		136
Leisure Products — 0.1%
Mattel, Inc.
3.15%, 3/15/2023		96		93
6.75%, 12/31/2025 (f)		540		569
5.88%, 12/15/2027 (f)		120		129
Vista Outdoor, Inc. 5.88%, 10/1/2023		210		211
				1,002
Life Sciences Tools & Services — 0.0% (d)
Avantor, Inc. 6.00%, 10/1/2024 (f)		355		371
Machinery — 0.0% (d)
Colfax Corp. 6.00%, 2/15/2024 (f)		50		52
Vertical US Newco, Inc. (Germany) 5.25%, 7/15/2027 (f)		200		208
Welbilt, Inc. 9.50%, 2/15/2024		50		51
				311
Media — 1.1%
Altice Financing SA (Luxembourg) 7.50%, 5/15/2026 (f)		720		762
AMC Networks, Inc.
5.00%, 4/1/2024		125		127
4.75%, 8/1/2025		50		52
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		497		482
5.13%, 8/15/2027 (f)		343		329
CSC Holdings LLC
5.25%, 6/1/2024		85		91
5.50%, 5/15/2026 (f)		475		493
5.50%, 4/15/2027 (f)		200		211
5.38%, 2/1/2028 (f)		200		211
Diamond Sports Group LLC 5.38%, 8/15/2026 (f)		346		245
DISH DBS Corp.
6.75%, 6/1/2021		60		62
5.88%, 7/15/2022		200		208
5.00%, 3/15/2023		35		36
5.88%, 11/15/2024		1,190		1,224
7.75%, 7/1/2026		320		351

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Entercom Media Corp. 6.50%, 5/1/2027 (f)		48		42
Gray Television, Inc.
5.13%, 10/15/2024 (f)		65		66
5.88%, 7/15/2026 (f)		85		88
7.00%, 5/15/2027 (f)		120		131
iHeartCommunications, Inc.
6.38%, 5/1/2026		29		30
8.38%, 5/1/2027		114		112
5.25%, 8/15/2027 (f)		225		220
Lamar Media Corp.
5.75%, 2/1/2026		70		72
3.75%, 2/15/2028 (f)		30		30
4.00%, 2/15/2030 (f)		65		65
Meredith Corp. 6.88%, 2/1/2026		220		184
Nexstar Broadcasting, Inc.
5.63%, 7/15/2027 (f)		270		284
4.75%, 11/1/2028 (f)		124		126
Outfront Media Capital LLC 5.00%, 8/15/2027 (f)		165		161
Sinclair Television Group, Inc.
5.63%, 8/1/2024 (f)		243		242
5.88%, 3/15/2026 (f)		12		12
Sirius XM Radio, Inc.
4.63%, 7/15/2024 (f)		15		16
5.38%, 7/15/2026 (f)		230		239
5.00%, 8/1/2027 (f)		295		308
5.50%, 7/1/2029 (f)		12		13
4.13%, 7/1/2030 (f)		315		323
TEGNA, Inc.
5.50%, 9/15/2024 (f)		8		8
4.63%, 3/15/2028 (f)		60		59
ViacomCBS, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (h)		64		65
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (h)		55		60
Videotron Ltd. (Canada) 5.13%, 4/15/2027 (f)		510		537
				8,377
Metals & Mining — 0.3%
Alcoa Nederland Holding BV
6.75%, 9/30/2024 (f)		400		412
6.13%, 5/15/2028 (f)		200		211
Allegheny Technologies, Inc. 7.88%, 8/15/2023 (j)		15		15
Arconic Corp. 6.13%, 2/15/2028 (f)		200		205
Constellium SE 6.63%, 3/1/2025 (f)		250		256
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022 (f)		47		48
5.13%, 5/15/2024 (f)		15		16
4.50%, 9/15/2027 (f)		70		75
Freeport-McMoRan, Inc.
5.00%, 9/1/2027		145		152
4.13%, 3/1/2028		104		105
4.38%, 8/1/2028		94		97
5.40%, 11/14/2034		45		50
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (f)		170		159
Novelis Corp.
5.88%, 9/30/2026 (f)		110		113
4.75%, 1/30/2030 (f)		165		161
United States Steel Corp. 12.00%, 6/1/2025 (f)		73		78
				2,153
Multiline Retail — 0.0% (d)
Macy’s, Inc. 8.38%, 6/15/2025 (f)		320		331
Neiman Marcus Group Ltd. LLC 14.00% (Blend (cash 8.00% + PIK 6.00%)), 4/25/2024 (f) (k) (l)		251		73
				404
Oil, Gas & Consumable Fuels — 1.2%
Antero Midstream Partners LP
5.38%, 9/15/2024		240		206
5.75%, 1/15/2028 (f)		60		49
Antero Resources Corp.
5.13%, 12/1/2022		60		49
5.63%, 6/1/2023		206		149
Apache Corp.
4.63%, 11/15/2025		22		21
4.88%, 11/15/2027		203		192
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026 (f)		25		19
Blue Racer Midstream LLC 6.13%, 11/15/2022 (f)		355		346
Buckeye Partners LP
4.13%, 3/1/2025 (f)		65		62
4.13%, 12/1/2027		185		175
4.50%, 3/1/2028 (f)		65		63
Cenovus Energy, Inc. (Canada) 5.38%, 7/15/2025		197		190
Cheniere Energy Partners LP
5.25%, 10/1/2025		90		92
4.50%, 10/1/2029		325		333
Cheniere Energy, Inc. 4.63%, 10/15/2028 (f)		225		231
Chesapeake Energy Corp. 11.50%, 1/1/2025 (f) (k)		107		14
Comstock Resources, Inc.
7.50%, 5/15/2025 (f)		95		90
9.75%, 8/15/2026		200		206
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (j)		153		150
5.75%, 4/1/2025		55		50
5.63%, 5/1/2027 (f)		65		58
DCP Midstream Operating LP
4.95%, 4/1/2022		20		20
5.38%, 7/15/2025		166		171
5.63%, 7/15/2027		65		66
6.75%, 9/15/2037 (f)		60		58

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (g) (h) (i)		125		50
4.40%, 4/1/2024		32		29
4.15%, 6/1/2025		165		141
4.85%, 7/15/2026		18		16
EP Energy LLC
9.38%, 5/1/2024 (f) (k)		30		–	(a)
8.00%, 2/15/2025 (f) (k)		127		–	(a)
EQM Midstream Partners LP
6.00%, 7/1/2025 (f)		25		26
4.13%, 12/1/2026		85		81
EQT Corp. 7.88%, 2/1/2025 (j)		310		344
Genesis Energy LP
6.00%, 5/15/2023		40		36
6.25%, 5/15/2026		160		133
7.75%, 2/1/2028		64		56
Gulfport Energy Corp.
6.63%, 5/1/2023		55		34
6.00%, 10/15/2024		15		9
6.38%, 5/15/2025		85		53
6.38%, 1/15/2026		80		49
Hess Midstream Operations LP 5.63%, 2/15/2026 (f)		95		97
Hilcorp Energy I LP
5.75%, 10/1/2025 (f)		57		52
6.25%, 11/1/2028 (f)		52		47
Matador Resources Co. 5.88%, 9/15/2026		31		26
MEG Energy Corp. (Canada)
7.00%, 3/31/2024 (f)		61		57
6.50%, 1/15/2025 (f)		284		278
7.13%, 2/1/2027 (f)		96		86
NuStar Logistics LP
5.75%, 10/1/2025		60		62
6.00%, 6/1/2026		33		33
5.63%, 4/28/2027		32		32
6.38%, 10/1/2030		60		62
Oasis Petroleum, Inc.
6.88%, 3/15/2022		71		17
6.88%, 1/15/2023		60		14
6.25%, 5/1/2026 (f)		265		62
Occidental Petroleum Corp.
2.70%, 8/15/2022		293		273
8.00%, 7/15/2025		126		127
5.88%, 9/1/2025		70		64
3.00%, 2/15/2027		20		16
8.50%, 7/15/2027		141		142
6.38%, 9/1/2028		70		65
8.88%, 7/15/2030		158		162
6.63%, 9/1/2030		70		65
Parsley Energy LLC
5.38%, 1/15/2025 (f)		210		209
5.25%, 8/15/2025 (f)		135		134
PBF Holding Co. LLC
9.25%, 5/15/2025 (f)		83		85
6.00%, 2/15/2028 (f)		125		84
QEP Resources, Inc.
5.25%, 5/1/2023		30		22
5.63%, 3/1/2026		49		28
Range Resources Corp.
4.88%, 5/15/2025		140		127
9.25%, 2/1/2026 (f)		50		51
SM Energy Co.
5.00%, 1/15/2024		55		29
5.63%, 6/1/2025		45		20
6.63%, 1/15/2027		89		40
Southwestern Energy Co.
6.45%, 1/23/2025 (j)		227		220
7.50%, 4/1/2026		60		59
7.75%, 10/1/2027		10		10
Sunoco LP
5.50%, 2/15/2026		35		35
5.88%, 3/15/2028		10		10
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (f)		49		46
5.50%, 1/15/2028 (f)		60		54
Targa Resources Partners LP
5.25%, 5/1/2023		25		25
4.25%, 11/15/2023		100		99
5.88%, 4/15/2026		560		575
6.50%, 7/15/2027		127		132
5.00%, 1/15/2028		50		49
6.88%, 1/15/2029		85		91
4.88%, 2/1/2031 (f)		113		109
TerraForm Power Operating LLC 5.00%, 1/31/2028 (f)		85		93
Western Midstream Operating LP 4.00%, 7/1/2022		100		101
WPX Energy, Inc.
5.75%, 6/1/2026		204		212
5.25%, 10/15/2027		95		96
4.50%, 1/15/2030		85		84
				8,885
Personal Products — 0.0% (d)
Prestige Brands, Inc.
6.38%, 3/1/2024 (f)		95		97
5.13%, 1/15/2028 (f)		80		83
				180
Pharmaceuticals — 0.4%
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (f)		324		356
8.50%, 1/31/2027 (f)		238		262
Bausch Health Cos., Inc.
5.50%, 3/1/2023 (f)		4		4
5.88%, 5/15/2023 (f)		5		5
7.00%, 3/15/2024 (f)		151		156
6.13%, 4/15/2025 (f)		267		273
5.50%, 11/1/2025 (f)		301		308
9.00%, 12/15/2025 (f)		475		517
5.75%, 8/15/2027 (f)		54		57
7.00%, 1/15/2028 (f)		151		160
5.00%, 1/30/2028 (f)		564		548
7.25%, 5/30/2029 (f)		31		33
5.25%, 1/30/2030 (f)		64		63

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investment	Principal Amount ($000)		Value ($000)
Elanco Animal Health, Inc. 5.90%, 8/28/2028 (j)		65		75
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (f)		410		430
				3,247
Professional Services — 0.0% (d)
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (f)		50		54
Real Estate Management & Development — 0.0% (d)
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		39		39
Road & Rail — 0.1%
AerCap Global Aviation Trust (Ireland) (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (f) (h)		200		170
Ashtead Capital, Inc. (United Kingdom) 4.00%, 5/1/2028 (f)		200		208
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (f)		165		157
5.25%, 3/15/2025 (f)		97		88
5.75%, 7/15/2027 (f)		46		41
Hertz Corp. (The)
7.63%, 6/1/2022 (f) (k)		55		51
5.50%, 10/15/2024 (f) (k)		252		113
7.13%, 8/1/2026 (f) (k)		160		72
				900
Semiconductors & Semiconductor Equipment — 0.1%
Qorvo, Inc. 5.50%, 7/15/2026		145		154
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (f)		400		419
				573
Software — 0.1%
CDK Global, Inc.
5.88%, 6/15/2026		35		36
5.25%, 5/15/2029 (f)		156		167
Open Text Corp. (Canada) 5.88%, 6/1/2026 (f)		120		125
Solera LLC 10.50%, 3/1/2024 (f)		44		46
SS&C Technologies, Inc. 5.50%, 9/30/2027 (f)		243		258
				632
Specialty Retail — 0.3%
Gap, Inc. (The)
8.38%, 5/15/2023 (f)		140		155
8.88%, 5/15/2027 (f)		60		68
L Brands, Inc.
5.63%, 2/15/2022		220		229
6.88%, 11/1/2035		195		192
Penske Automotive Group, Inc. 5.50%, 5/15/2026		251		259
PetSmart, Inc.
7.13%, 3/15/2023 (f)		405		409
5.88%, 6/1/2025 (f)		567		581
8.88%, 6/1/2025 (f)		40		41
Staples, Inc.
7.50%, 4/15/2026 (f)		520		479
10.75%, 4/15/2027 (f)		175		140
				2,553
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC 7.13%, 6/15/2024 (f)		165		172
NCR Corp.
5.75%, 9/1/2027 (f)		225		235
5.00%, 10/1/2028 (f)		67		67
6.13%, 9/1/2029 (f)		295		312
Western Digital Corp. 4.75%, 2/15/2026		191		206
Xerox Corp. 4.38%, 3/15/2023 (j)		64		66
				1,058
Thrifts & Mortgage Finance — 0.0% (d)
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (f)		55		51
Quicken Loans LLC
5.25%, 1/15/2028 (f)		170		179
3.63%, 3/1/2029 (f)		42		42
3.88%, 3/1/2031 (f)		42		41
				313
Trading Companies & Distributors — 0.2%
Ahern Rentals, Inc. 7.38%, 5/15/2023 (f)		145		77
H&E Equipment Services, Inc. 5.63%, 9/1/2025		120		125
Herc Holdings, Inc. 5.50%, 7/15/2027 (f)		330		341
United Rentals North America, Inc.
4.63%, 10/15/2025		350		359
5.88%, 9/15/2026		80		84
5.50%, 5/15/2027		90		96
3.88%, 11/15/2027		75		77
4.88%, 1/15/2028		85		89
3.88%, 2/15/2031		299		303
WESCO Distribution, Inc.
7.13%, 6/15/2025 (f)		165		180
7.25%, 6/15/2028 (f)		120		131
				1,862
Wireless Telecommunication Services — 0.4%
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		190		202
6.63%, 8/1/2026		35		38
Sprint Corp.
7.25%, 9/15/2021		86		90
7.88%, 9/15/2023		220		252
7.13%, 6/15/2024		254		292
7.63%, 2/15/2025		795		930
7.63%, 3/1/2026		248		300

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
T-Mobile USA, Inc.
3.50%, 4/15/2025 (f)			95		104
6.50%, 1/15/2026			309		323
4.50%, 2/1/2026			208		214
3.75%, 4/15/2027 (f)			95		106
4.75%, 2/1/2028			740		792
3.88%, 4/15/2030 (f)			95		108
					3,751
TOTAL CORPORATE BONDS (Cost $93,345)					92,721
CONVERTIBLE BONDS — 4.7%
Aerospace & Defense — 0.0% (d)
MTU Aero Engines AG (Germany) Series MTX, 0.13%, 5/17/2023 (b)	EUR		200		284
Airlines — 0.1%
Southwest Airlines Co. 1.25%, 5/1/2025			397		518
Banks — 0.2%
Barclays Bank plc (United Kingdom) Zero Coupon, 2/4/2025			474		592
Series VUN, Zero Coupon, 2/18/2025			569		605
BofA Finance LLC 0.25%, 5/1/2023			556		544
					1,741
Beverages — 0.1%
Remy Cointreau SA (France) 0.13%, 9/7/2026 (b) (k)	EUR		384 Units		729
Biotechnology — 0.1%
BioMarin Pharmaceutical, Inc. 0.60%, 8/1/2024			255		268
Exact Sciences Corp. 1.00%, 1/15/2025			227		351
					619
Capital Markets — 0.1%
Archer Obligations SA (France) Series KER, Zero Coupon, 3/31/2023 (b)	EUR		600		985
Chemicals — 0.2%
Sika AG (Switzerland)
3.75%, 1/30/2022 (b)	CHF		400		738
0.15%, 6/5/2025 (b)	CHF		180		252
Symrise AG (Germany) Series SY1G, 0.24%, 6/20/2024 (b)	EUR		400		627
					1,617
Commercial Services & Supplies — 0.1%
China Conch Venture Holdings International Ltd. (China) Zero Coupon, 9/5/2023 (b)	HKD		4,000		568
Diversified Consumer Services — 0.1%
Chegg, Inc. 0.13%, 3/15/2025			286		435
Diversified Telecommunication Services — 0.1%
Cellnex Telecom SA (Spain) 1.50%, 1/16/2026 (b)	EUR		400		816
Entertainment — 0.1%
Live Nation Entertainment, Inc. 2.50%, 3/15/2023			612		682
Sea Ltd. (Taiwan) 1.00%, 12/1/2024 (f)			119		367
					1,049
Health Care Equipment & Supplies — 0.2%
DexCom, Inc.
0.75%, 12/1/2023			311		786
0.25%, 11/15/2025 (f)			197		208
Insulet Corp. 0.38%, 9/1/2026 (f)			451		574
					1,568
Health Care Providers & Services — 0.0% (d)
Orpea (France) 0.38%, 5/17/2027 (b) (k)	EUR		242 Units		386
Household Durables — 0.1%
Sony Corp. (Japan) Series 6, Zero Coupon, 9/30/2022	JPY		55,000		837
Interactive Media & Services — 0.2%
Snap, Inc. 0.75%, 8/1/2026			554		767
Zillow Group, Inc. 1.38%, 9/1/2026			332		793
					1,560
Internet & Direct Marketing Retail — 0.4%
Booking Holdings, Inc. 0.75%, 5/1/2025 (f)			551		707
Match Group Financeco, Inc. 0.88%, 10/1/2022 (f)			250		636
MercadoLibre, Inc. (Argentina) 2.00%, 8/15/2028			412		1,037
Ocado Group plc (United Kingdom) 0.88%, 12/9/2025 (b)	GBP		300		637
					3,017
IT Services — 0.6%
Akamai Technologies, Inc. 0.13%, 5/1/2025			399		513
Amadeus IT Group SA (Spain) 1.50%, 4/9/2025 (b)	EUR		600		866
Atos SE (France) Zero Coupon, 11/6/2024 (b)	EUR		300		443
MongoDB, Inc. 0.25%, 1/15/2026 (f)			300		392
Okta, Inc. 0.13%, 9/1/2025			460		606
Shopify, Inc. (Canada) 0.13%, 11/1/2025			300		335
Square, Inc. 0.50%, 5/15/2023			409		885
Twilio, Inc. 0.25%, 6/1/2023			201		699
					4,739

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Life Sciences Tools & Services — 0.1%
Illumina, Inc. 0.50%, 6/15/2021			356		457
Repligen Corp. 0.38%, 7/15/2024			505		718
					1,175
Media — 0.1%
DISH Network Corp. 3.38%, 8/15/2026			70		64
Liberty Interactive LLC 1.75%, 9/30/2046 (f)			299		551
Liberty Media Corp. 1.38%, 10/15/2023			268		292
					907
Oil, Gas & Consumable Fuels — 0.0% (d)
Oasis Petroleum, Inc. 2.63%, 9/15/2023			20		5
Pharmaceuticals — 0.0% (d)
Sino Biopharmaceutical Ltd. (Hong Kong) Zero Coupon, 2/17/2025 (b)	EUR		171		195
Real Estate Management & Development — 0.0% (d)
Smart Insight International Ltd. (China) 4.50%, 12/5/2023 (b)	HKD		2,000		298
Semiconductors & Semiconductor Equipment — 0.5%
Advanced Micro Devices, Inc. 2.13%, 9/1/2026			56		573
Inphi Corp. 0.75%, 4/15/2025 (f)			588		704
Microchip Technology, Inc. 1.63%, 2/15/2027			1,014		1,562
ON Semiconductor Corp. 1.63%, 10/15/2023			324		428
Silicon Laboratories, Inc. 1.38%, 3/1/2022			209		250
STMicroelectronics NV (Switzerland) Series B, 0.25%, 7/3/2024 (b)			200		311
					3,828
Software — 1.1%
Atlassian, Inc. 0.63%, 5/1/2023			460		1,035
Cloudflare, Inc. 0.75%, 5/15/2025 (f)			183		246
Coupa Software, Inc. 0.13%, 6/15/2025			656		1,195
Datadog, Inc. 0.13%, 6/15/2025 (f)			175		231
DocuSign, Inc. 0.50%, 9/15/2023			361		1,090
Envestnet, Inc. 1.75%, 6/1/2023			352		451
Five9, Inc.
0.13%, 5/1/2023			153		482
0.50%, 6/1/2025 (f)			192		232
Palo Alto Networks, Inc. 0.75%, 7/1/2023			321		362
Proofpoint, Inc. 0.25%, 8/15/2024			211		210
RealPage, Inc. 1.50%, 5/15/2025			264		272
RingCentral, Inc. Zero Coupon, 3/1/2025 (f)			382		407
ServiceNow, Inc. Zero Coupon, 6/1/2022			363		1,311
Slack Technologies, Inc. 0.50%, 4/15/2025 (f)			200		232
Splunk, Inc. 0.50%, 9/15/2023			347		482
Workday, Inc. 0.25%, 10/1/2022			362		556
Xero Investments Ltd. (New Zealand) 2.38%, 10/4/2023 (b)			474		795
					9,589
Specialty Retail — 0.1%
Zhongsheng Group Holdings Ltd. (China) Zero Coupon, 5/23/2023 (b)	HKD		3,000		627
Textiles, Apparel & Luxury Goods — 0.1%
adidas AG (Germany) Series ADS, 0.05%, 9/12/2023 (b)	EUR		200		284
LVMH Moet Hennessy Louis Vuitton SE (France) Series MCFP, Zero Coupon, 2/16/2021 (b)			155 Units		769
					1,053
Wireless Telecommunication Services — 0.0% (d)
Vodafone Group plc (United Kingdom) 1.50%, 3/12/2022 (b)	GBP		200		216
TOTAL CONVERTIBLE BONDS (Cost $30,108)					39,361
ASSET-BACKED SECURITIES — 3.7%
ABFC Trust
Series 2003-OPT1, Class M1, 1.18%, 2/25/2033 ‡ (m)			566		563
ACC Trust
Series 2019-1, Class A, 3.75%, 5/20/2022 (f)			155		156
Series 2019-1, Class C, 6.41%, 2/20/2024 (f)			500		491
ACE Securities Corp. Home Equity Loan Trust
Series 2004-OP1, Class M3, 2.02%, 4/25/2034 (m)			205		199
Series 2004-HE3, Class M3, 1.23%, 11/25/2034 ‡ (m)			32		33
American Credit Acceptance Receivables Trust
Series 2019-2, Class B, 3.05%, 5/12/2023 (f)			20		20
Series 2017-2, Class E, 5.52%, 3/12/2024 (f)			130		132

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019-1, Class D, 3.81%, 4/14/2025 (f)		640		665
Series 2019-1, Class E, 4.84%, 4/14/2025 (f)		445		463
Series 2019-3, Class E, 3.80%, 9/12/2025 (f)		400		405
AmeriCredit Automobile Receivables Trust Series 2019-1, Class D, 3.62%, 3/18/2025		210		219
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2002-2, Class M3, 2.80%, 8/25/2032 ‡ (m)		201		200
Ameriquest Mortgage Securities, Inc. Asset-Backed Securities Series 2004-R1, Class M1, 0.94%, 2/25/2034‡ (m)		169		163
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-W3, Class A3, 0.97%, 2/25/2034 ‡ (m)		69		67
Series 2004-W7, Class M9, 3.96%, 5/25/2034 ‡ (f) (m)		135		144
Bear Stearns Asset-Backed Securities Trust Series 2004-2, Class M1, 1.35%, 8/25/2034 ‡ (m)		254		251
CDC Mortgage Capital Trust
Series 2003-HE1, Class M1, 1.50%, 8/25/2033 (m)		134		134
Series 2003-HE3, Class M2, 2.77%, 11/25/2033 ‡ (m)		2		2
Chase Funding Loan Acquisition Trust Series 2004-OPT1, Class M2, 1.65%, 6/25/2034 ‡ (m)		95		94
CHEC Loan Trust Series 2004-2, Class M3, 1.40%, 4/25/2034 ‡ (m)		205		204
CIG Auto Receivables Trust
Series 2019-1A, Class B, 3.59%, 8/15/2024 (f)		935		963
Series 2019-1A, Class C, 3.82%, 8/15/2024 (f)		225		232
Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (j)		936		975
Conn’s Receivables Funding LLC
Series 2018-A, Class C, 6.02%, 1/15/2023 ‡ (f)		63		63
Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (f)		179		179
Countrywide Asset-Backed Certificates
Series 2003-BC6, Class M2, 1.87%, 10/25/2033 ‡ (m)		8		8
Series 2005-12, Class M2, 0.64%, 2/25/2036 ‡ (m)		551		549
Credit Acceptance Auto Loan Trust Series 2019-1A, Class B, 3.75%, 4/17/2028 (f)		534		559
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB5, Class M2, 2.62%, 11/25/2033 ‡ (m)		31		31
Series 2004-CB6, Class M3, 2.25%, 12/25/2033 ‡ (m)		140		138
Series 2004-CB4, Class A5, 6.78%, 5/25/2035 (j)		509		528
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M3, 1.87%, 7/25/2034 ‡ (m)		258		257
Series 2004-6, Class M2, 1.12%, 10/25/2034 ‡ (m)		209		204
Drive Auto Receivables Trust Series 2019-3, Class D, 3.18%, 10/15/2026		980		1,012
DT Auto Owner Trust Series 2017-1A, Class D, 3.55%, 11/15/2022 (f)		15		15
Equity One Mortgage Pass-Through Trust Series 2003-1, Class M1, 4.86%, 8/25/2033 ‡ (m)		531		546
First Franklin Mortgage Loan Trust Series 2006-FF8, Class IIA3, 0.30%, 7/25/2036 ‡ (m)		36		35
FREED ABS Trust
Series 2018-2, Class B, 4.61%, 10/20/2025 ‡ (f)		305		306
Series 2019-1, Class A, 3.42%, 6/18/2026 (f)		7		7
GLS Auto Receivables Issuer Trust
Series 2019-2A, Class B, 3.32%, 3/15/2024 (f)		1,300		1,339
Series 2019-2A, Class D, 4.52%, 2/17/2026 (f)		550		562
GLS Auto Receivables Trust Series 2018-1A, Class B, 3.52%, 8/15/2023 (f)		350		355
GSAMP Trust Series 2004-NC2, Class B2, 3.52%, 10/25/2034 ‡ (f) (m)		527		423
Home Equity Asset Trust
Series 2002-1, Class M2, 2.05%, 11/25/2032 ‡ (m)		308		293
Series 2004-3, Class M1, 1.00%, 8/25/2034 ‡ (m)		242		240
Series 2004-6, Class M2, 1.05%, 12/25/2034 ‡ (m)		91		90
Home Equity Mortgage Loan Asset-Backed Trust Series 2004-B, Class M3, 1.35%, 11/25/2034 ‡ (m)		176		175
Long Beach Mortgage Loan Trust
Series 2001-2, Class M1, 0.71%, 7/25/2031 ‡ (m)		150		150
Series 2003-4, Class M2, 2.77%, 8/25/2033 ‡ (m)		16		16
Marlette Funding Trust Series 2019-4A, Class A, 2.39%, 12/17/2029 (f)		192		194

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MASTR Asset-Backed Securities Trust Series 2004-OPT1, Class M2, 1.80%, 2/25/2034 ‡  (m)		51		51
Merrill Lynch Mortgage Investors Trust
Series 2003-OPT1, Class M1, 1.12%, 7/25/2034 (m)		59		57
Series 2004-HE1, Class M2, 2.40%, 4/25/2035 ‡ (m)		233		226
Series 2005-NC1, Class M2, 1.23%, 10/25/2035 ‡  (m)		302		300
Series 2005-FM1, Class M1, 0.87%, 5/25/2036 (m)		213		208
MFA LLC Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (f) (j)		219		218
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC8, Class M1, 1.20%, 9/25/2033 ‡ (m)		1,073		1,064
Series 2005-HE1, Class M3, 0.93%, 12/25/2034 ‡  (m)		263		239
Series 2005-HE1, Class M4, 1.23%, 12/25/2034 ‡ (m)		153		143
New Century Home Equity Loan Trust
Series 2003-5, Class M1, 5.03%, 11/25/2033 (j)		160		164
Series 2004-4, Class M1, 0.91%, 2/25/2035 ‡ (m)		435		422
Series 2005-1, Class M1, 0.82%, 3/25/2035 ‡ (m)		157		156
NovaStar Mortgage Funding Trust
Series 2003-2, Class M2, 2.92%, 9/25/2033 ‡ (m)		372		378
Series 2003-3, Class M1, 1.27%, 12/25/2033 ‡ (m)		51		51
Option One Mortgage Acceptance Corp. Asset-Backed Certificates Series 2003-4, Class M1, 1.17%, 7/25/2033 ‡ (m)		457		456
Option One Mortgage Loan Trust Series 2004-2, Class M2, 1.72%, 5/25/2034 ‡ (m)		471		464
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-WWF1, Class M4, 1.80%, 12/25/2034 ‡ (m)		772		786
Series 2005-WCH1, Class M4, 1.39%, 1/25/2036 ‡ (m)		473		472
PNMAC GMSR Issuer Trust Series 2018-GT1, Class A, 3.00%, 2/25/2023 (f) (m)		380		371
Prestige Auto Receivables Trust Series 2017-1A, Class D, 3.61%, 10/16/2023 (f)		230		234
Pretium Mortgage Credit Partners I LLC
Series 2019-NPL2, Class A1, 3.84%, 12/27/2058 ‡ (f) (j)		502		503
Series 2019-NPL2, Class A2, 5.93%, 12/27/2058 ‡ (f) (j)		500		499
Prosper Marketplace Issuance Trust Series 2019-2A, Class B, 3.69%, 9/15/2025 ‡ (f)		100		100
PRPM LLC Series 2019-2A, Class A1, 3.97%, 4/25/2024 ‡ (f) (j)		385		388
RAMP Trust
Series 2005-RS6, Class M4, 1.12%, 6/25/2035 ‡ (m)		500		497
Series 2006-RZ3, Class M1, 0.50%, 8/25/2036 ‡ (m)		1,000		967
Renaissance Home Equity Loan Trust Series 2003-2, Class M1, 1.39%, 8/25/2033 ‡ (m)		1,033		1,019
Santander Revolving Auto Loan Trust
Series 2019-A, Class C, 3.00%, 1/26/2032 (f)		310		325
Series 2019-A, Class D, 3.45%, 1/26/2032 (f)		420		438
Saxon Asset Securities Trust
Series 2000-2, Class MF2, 8.66%, 7/25/2030 ‡ (j)		58		51
Series 2003-2, Class M2, 2.77%, 6/25/2033 ‡ (m)		120		123
Series 2003-3, Class M1, 1.12%, 12/25/2033 ‡ (m)		362		355
Series 2004-2, Class MV2, 1.95%, 8/25/2035 ‡ (m)		213		212
Specialty Underwriting & Residential Finance Trust Series 2003-BC4, Class M1, 1.05%, 11/25/2034 ‡ (m)		202		200
Stanwich Mortgage Loan Trust Series 2019-NPB2, Class A1, 3.48%, 11/16/2024 ‡ (f) (j)		1,253		1,243
Structured Asset Investment Loan Trust
Series 2003-BC11, Class M1, 1.12%, 10/25/2033 ‡ (m)		135		135
Series 2004-7, Class M1, 1.20%, 8/25/2034 ‡ (m)		37		36
Series 2004-7, Class M2, 1.27%, 8/25/2034 ‡ (m)		36		36
Series 2004-8, Class M2, 1.08%, 9/25/2034 ‡ (m)		210		206
Structured Asset Securities Corp. Trust Series 2005-SC1, Class 1A1, 0.42%, 5/25/2031 ‡ (f) (m)		97		71
Vericrest Opportunity Loan Trust
Series 2019-NPL2, Class A1, 3.97%, 2/25/2049 ‡ (f) (j)		707		707
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 ‡ (f) (j)		979		982
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2004-2, Class M8A, 4.65%, 10/25/2034 ‡ (f) (m)		194		178
Westlake Automobile Receivables Trust Series 2019-1A, Class E, 4.49%, 7/15/2024 (f)		505		525
TOTAL ASSET-BACKED SECURITIES (Cost $30,303)				31,305

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.9%
Alternative Loan Trust
Series 2005-20CB, Class 4A1, 5.25%, 7/25/2020		2			2
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		239			239
Series 2005-3CB, Class 1A4, 5.25%, 3/25/2035		8			9
American Home Mortgage Investment Trust Series 2006-3, Class 22A1, 2.06%, 12/25/2036 (m)		1,344			1,197
Angel Oak Mortgage Trust
Series 2019-5, Class A3, 2.92%, 10/25/2049 (f) (m)		1,521			1,523
Series 2020-1, Class M1, 3.16%, 12/25/2059 ‡ (f) (m)		897			876
Banc of America Alternative Loan Trust
Series 2004-6, Class 4A1, 5.00%, 7/25/2019		10			10
Series 2006-5, Class 3A1, 6.00%, 6/25/2046		24			24
Bear Stearns ALT-A Trust
Series 2005-4, Class 23A2, 3.50%, 5/25/2035 (m)		221			219
Series 2005-7, Class 12A3, 0.83%, 8/25/2035 (m)		8			8
Bellemeade Re Ltd. (Bermuda) Series 2019-1A, Class M1A, 1.45%, 3/25/2029 ‡ (f) m)		82			82
CHL Mortgage Pass-Through Trust
Series 2005-HYB3, Class 2A1A, 3.54%, 6/20/2035 (m)		292			295
Series 2006-HYB1, Class 2A2C, 3.15%, 3/20/2036 (m)		460			442
Series 2006-HYB2, Class 2A1B, 3.40%, 4/20/2036 (m)		416			381
Series 2006-21, Class A14, 6.00%, 2/25/2037		66			51
Citigroup Mortgage Loan Trust Series 2005-11, Class A2A, 2.53%, 10/25/2035 (m)		91			90
Connecticut Avenue Securities Trust Series 2019-R05, Class 1B1, 4.25%, 7/25/2039 (f) (m)		500			437
Deephaven Residential Mortgage Trust
Series 2018-3A, Class B2, 5.91%, 8/25/2058 ‡ (f) (m)		300			300
Series 2019-4A, Class M1, 3.48%, 10/25/2059 ‡ (f) (m)		1,457			1,490
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AF1, Class A4, 0.45%, 4/25/2036 (m)		476			457
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR1, Class 1A3, 0.48%, 2/25/2036 (m)		1,266			1,216
Eagle RE Ltd. (Bermuda)
Series 2019-1, Class M1B, 1.95%, 4/25/2029 ‡ (f) (m)		90			90
Series 2019-1, Class M2, 3.45%, 4/25/2029 ‡ (f) (m)		350			337
FHLMC Structured Agency Credit Risk Debt Notes Series 2016-HQA2, Class M3, 5.30%, 11/25/2028 (m)		304			313
FHLMC, REMIC Series 3077, Class TO, PO, 4/15/2035		–	(a)		–	(a)
FNMA, REMIC
Series 2008-65, Class CD, 4.50%, 8/25/2023		–	(a)		–	(a)
Series 2009-86, Class OT, PO, 10/25/2037		–	(a)		–	(a)
Fremont Home Loan Trust Series 2004-A, Class M1, 0.97%, 1/25/2034 ‡ (m)		740			730
GCAT Trust Series 2019-NQM2, Class M1, 3.31%, 9/25/2059 ‡ (f) (m)		2,000			2,032
GSR Mortgage Loan Trust Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		3			4
Homeward Opportunities Fund I Trust
Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (f) (m)		250			254
Series 2019-1, Class B1, 4.80%, 1/25/2059 ‡ (f) (m)		250			255
Impac CMB Trust
Series 2004-9, Class 1A1, 0.91%, 1/25/2035 (m)		333			334
Series 2005-5, Class A4, 0.91%, 8/25/2035 (m)		270			248
Series 2005-8, Class 1AM, 0.85%, 2/25/2036 (m)		550			528
Series 2007-A, Class M3, 2.40%, 5/25/2037 ‡ (f) (m)		514			494
MASTR Adjustable Rate Mortgages Trust Series 2004-3, Class 3A2, 3.16%, 4/25/2034 (m)		116			117
MASTR Alternative Loan Trust
Series 2004-6, Class 8A1, 5.50%, 7/25/2034		114			117
Series 2005-6, Class 1A2, 5.50%, 12/25/2035		246			223
Merrill Lynch Mortgage Investors Trust Series 2005-A5, Class A9, 3.51%, 6/25/2035 (m)		66			66

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
New Residential Mortgage Loan Trust Series 2019-NQM4, Class B2, 5.03%, 9/25/2059 ‡ (f) (m)		688			648
Nmg Frn 9/18/2025 ‡		66			66
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		1			1
PRPM LLC Series 2019-1A, Class A1, 4.50%, 1/25/2024 (f) (j)		597			602
RALI Trust Series 2004-QS3, Class CB, 5.00%, 3/25/2019		–	(a)		–	(a)
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		3			3
Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		379			274
SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (f)		25			25
Sequoia Mortgage Trust Series 2007-3, Class 1A1, 0.36%, 7/20/2036 (m)		193			184
Starwood Mortgage Residential Trust Series 2019-INV1, Class M1, 3.06%, 9/27/2049 ‡ (f) (m)		1,721			1,652
Structured Asset Mortgage Investments II Trust
Series 2005-AR2, Class 2A1, 0.61%, 5/25/2045 (m)		85			81
Series 2007-AR7, Class 1A1, 1.00%, 5/25/2047 (m)		483			370
Verus Securitization Trust
Series 2019-4, Class B1, 3.86%, 11/25/2059 ‡ (f) (m)		1,100			1,036
Series 2019-INV1, Class M1, 4.03%, 12/25/2059 ‡ (f) (m)		100			101
Series 2019-INV1, Class B1, 4.99%, 12/25/2059 ‡ (f)		100			94
WaMu Mortgage Pass-Through Certificates Series 2005-AR8, Class 2AB2, 0.99%, 7/25/2045 (m)		1,018			987
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 3.61%, 3/25/2035 (m)		193			196
Series 2005-AR10, Class 1A3, 3.02%, 9/25/2035 (m)		1,639			1,727
Series 2005-AR10, Class 1A4, 3.02%, 9/25/2035 (m)		225			238
Series 2007-HY3, Class 3A3, 3.59%, 3/25/2037 (m)		299			283
Series 2006-AR17, Class 1A1A, 1.98%, 12/25/2046 (m)		406			374
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $24,559)					24,432
U.S. TREASURY OBLIGATIONS — 2.4%
U.S. Treasury Notes 2.50%, 1/31/2021 (n)(Cost $20,080)		20,015			20,170
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.1%
BANK Series 2019-BN21, Class XA, IO, 1.00%, 10/17/2052 (m)		5,614			363
BX Commercial Mortgage Trust Series 2018-BIOA, Class D, 1.47%, 3/15/2037 ‡ (f) (m)		500			493
Commercial Mortgage Trust Series 2020-CBM, Class F, 3.75%, 2/10/2037 ‡ (f) (m)		270			216
DBGS Mortgage Trust Series 2018-5BP, Class B, 0.98%, 6/15/2033 ‡ (f) (m)		750			737
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KC04, Class X1, IO, 1.41%, 12/25/2026 (m)		3,360			186
Series K075, Class X3, IO, 2.20%, 5/25/2028 (m)		2,250			300
Series K086, Class X1, IO, 0.39%, 11/25/2028 (m)		12,337			245
Series K090, Class X1, IO, 0.85%, 2/25/2029 (m)		10,570			574
Series K090, Class X3, IO, 2.39%, 10/25/2029 (m)		3,390			554
Series K068, Class X3, IO, 2.13%, 10/25/2044 (m)		5,100			615
Series K729, Class X3, IO, 2.04%, 11/25/2044 (m)		4,530			323
Series K730, Class X3, IO, 2.10%, 2/25/2045 (m)		3,830			295
Series K072, Class X3, IO, 2.21%, 12/25/2045 (m)		5,070			655
Series K089, Class X3, IO, 2.37%, 1/25/2046 (m)		3,132			488
Series K088, Class X3, IO, 2.42%, 2/25/2047 (m)		3,610			577
Series K092, Class X3, IO, 2.32%, 5/25/2047 (m)		570			89
FNMA ACES Series 2016-M4, Class X2, IO, 2.70%, 1/25/2039 (m)		2,757			186
FREMF Mortgage Trust
Series 2019-K736, Class C, 3.88%, 7/25/2026 (f) (m)		165			173
Series 2017-KF40, Class B, 2.86%, 11/25/2027 (f)(m)		373			356

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
GNMA
Series 2012-44, IO, 0.22%, 3/16/2049 (m)		2,085			11
Series 2013-80, IO, 0.71%, 3/16/2052 (m)		2,797			77
Series 2015-86, IO, 0.62%, 5/16/2052 (m)		1,686			58
Series 2014-186, IO, 0.70%, 8/16/2054 (m)		3,085			108
Series 2015-33, IO, 0.70%, 2/16/2056 (m)		3,160			124
Series 2015-59, IO, 0.92%, 6/16/2056 (m)		480			21
Series 2017-173, IO, 1.35%, 9/16/2057 (m)		1,194			95
Series 2017-86, IO, 0.78%, 5/16/2059 (m)		946			52
Series 2017-148, IO, 0.64%, 7/16/2059 (m)		1,137			54
Series 2017-171, IO, 0.69%, 9/16/2059 (m)		737			42
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.11%, 7/15/2044 (m)		29			28
LB-UBS Commercial Mortgage Trust Series 2007-C6, Class AJ, 6.46%, 7/15/2040 (m)		90			86
Velocity Commercial Capital Loan Trust
Series 2019-1, Class A, 3.76%, 3/25/2049 (f) (m)		48			50
Series 2019-1, Class M1, 3.94%, 3/25/2049 ‡ (f) (m)		815			831
Series 2019-3, Class A, 3.03%, 10/25/2049 (f) (m)		466			476
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $10,096)					9,538
	Shares
CONVERTIBLE PREFERRED STOCKS — 0.5%
Banks — 0.0% (d)
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		–	(a)		294
Chemicals — 0.0% (d)
International Flavors & Fragrances, Inc. 6.00%, 9/15/2021 ($50 par value)		6			276
Electric Utilities — 0.1%
NextEra Energy, Inc. 6.22%, 9/1/2023 ($50 par value)		17			801
Food Products — 0.1%
Bunge Ltd. 4.88% ($100 par value)		4			421
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co. Series B, 6.00%, 6/1/2023 ($50 par value)		4			200
Danaher Corp. Series B, 5.00%, 4/15/2023 ($1,000 par value)		–	(a)		245
					445
Machinery — 0.1%
Stanley Black & Decker, Inc. Series C, 5.00%, 5/15/2021 ($1,000 par value)		–	(a)		422
Multi-Utilities — 0.1%
Dominion Energy, Inc. Series A, 7.25%, 6/1/2022 ($100 par value)		2			221
Sempra Energy Series B, 6.75%, 7/15/2021 ($100 par value)		4			385
					606
Semiconductors & Semiconductor Equipment — 0.0% (d)
Broadcom, Inc. Series A, 8.00%, 9/30/2022 ($1,000 par value)		1			1,045
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $4,214)					4,310
	Principal Amount ($000)
LOAN ASSIGNMENTS — 0.1% (o)
Auto Components — 0.0% (d)
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (h)		5			5
Chemicals — 0.0% (d)
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 1.97%, 6/1/2024 (h)		51			50
Communications Equipment — 0.0% (d)
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 12/15/2024 (h)		112			112
Food & Staples Retailing — 0.0% (d)
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 4/1/2024 ‡ (h)		44			44
Moran Foods LLC, 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 4/1/2025 ‡ (h)		60			45
					89

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Health Care Providers & Services — 0.0% (d)
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 6/7/2023 (h)		195			192
Hotels, Restaurants & Leisure — 0.0% (d)
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 4/29/2026 (h)		53			52
Machinery — 0.0% (d)
Navistar, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.66%, 11/6/2024 (h)		61			60
Multiline Retail — 0.0% (d)
Neiman Marcus Group Ltd., Term Loan (3-MONTH PRIME + 7.50%), 10.75%, 10/25/2023 (h)		40			6
Oil, Gas & Consumable Fuels — 0.1%
California Resources Corp., DIP Term Loan (ICE LIBOR USD 1 Month + 9.00%), 10.00%, 1/15/2021 ‡ (h)		300			300
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 1 Month + 4.75%), 5.75%, 12/31/2022 (h)		320			115
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.25%, 8/25/2023 (h)		51			36
					451
Pharmaceuticals — 0.0% (d)
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 6/2/2025 (h)		150			147
TOTAL LOAN ASSIGNMENTS (Cost $1,390)					1,164
MORTGAGE-BACKED SECURITIES — 0.0% (d)
FNMA, Other Pool # AN5182, 3.39%, 4/1/2027		343			389
GNMA I, 30 Year Pool # 323423, 8.50%, 6/15/2022		–	(a)		–	(a)
TOTAL MORTGAGE-BACKED SECURITIES (Cost $345)					389
	Shares (000)
PREFERRED STOCKS — 0.0% (d)
Internet & Direct Marketing Retail — 0.0% (d)
MYT Holding Co. * ‡ (Cost $72)		75			72
EXCHANGE-TRADED FUNDS — 0.0% (d)
International Equity — 0.0% (d)
iShares MSCI EAFE ETF(Cost $64)		1			64
	No. of Warrants (000)
WARRANTS — 0.0% (d)
Wireless Telecommunication Services — 0.0% (d)
iHeartMedia Capital I LLCexpiring 5/2/2039, price 1.00 USD * ‡ (Cost $52)		3			22
RIGHTS — 0.0% (d)
Containers & Packaging — 0.0% (d)
SCGP Solutions Co. Ltd., expiring 12/31/2020 (Thailand) *		2			–
Media—0.0% (d)
Media General, Inc., CVR * ‡		23			–	(a)
TOTAL RIGHTS (Cost $—)					–	(a)
	Shares (000)
SHORT-TERM INVESTMENTS — 4.1%
INVESTMENT COMPANIES — 4.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.23% (e) (p)		33,801			33,825
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.16% (e) (p)		528			528
TOTAL INVESTMENT COMPANIES (Cost $34,348)					34,353
Total Investments - 98.9% (Cost $686,542)					827,126
Other Assets Less Liabilities — 1.1%					9,368
Net Assets — 100.0%					836,494

Percentages indicated are based on net assets.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

PORTFOLIO COMPOSITION BY COUNTRY**
United States	71.5	%
United Kingdom	2.8
China	2.6
Japan	2.4
France	2.2
Switzerland	1.9
Germany	1.7
Taiwan	1.2
Netherlands	1.0
Others (each less than 1.0%)	8.5
Short-Term Investments	4.2

** Percentages indicated are based upon total investments as of September 30, 2020.

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CHF	Swiss Franc
CVA	Dutch Certification
CVR	Contingent Value Rights
DIP	Debtor-in-Possession
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund
EUR	Euro
FDR	Fiduciary Depository Receipt
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
HKD	Hong Kong Dollar
ICE	Intercontinental Exchange
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JPY	Japanese Yen
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
NYRS	New York Registry Shares
OYJ	Public Limited Company
PJSC	Public Joint Stock Company
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
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.
PT	Limited liability company

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
RTS	Russian Trading System
SCA	Limited partnership with share capital
SGPS	Holding company
USD	United States Dollar
(a)	Amount rounds to less than one thousand.
(b)	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.
(c)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(d)	Amount rounds to less than 0.1% of net assets.
(e)	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.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)	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 September 30, 2020.
(h)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2020.
(i)	Security is an interest bearing note with preferred security characteristics.
(j)	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 September 30, 2020.
(k)	Defaulted security.
(l)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(m)	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 September 30, 2020.
(n)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(o)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(p)	The rate shown is the current yield as of September 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Futures contracts outstanding as of September 30, 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
DJ US Real Estate Index		681			12/2020		USD		21,336			(580	)
EURO STOXX 50 Index		212			12/2020		EUR		7,909			(295	)
MSCI EAFE E-Mini Index		7			12/2020		USD		649			(13	)
MSCI Emerging Markets E-Mini Index		311			12/2020		USD		16,923			(207	)
Russell 2000 E-Mini Index		65			12/2020		USD		4,892			52
S&P 500 E-Mini Index		182			12/2020		USD		30,480			236
U.S. Treasury 10 Year Note		240			12/2020		USD		33,480			85
U.S. Treasury Ultra Bond		58			12/2020		USD		12,842			(115	)
												(837	)
Short Contracts
FTSE 100 Index		(108	)		12/2020		GBP		(8,124	)		251
												(586	)

Abbreviations

EAFE	Europe, Australasia, and Far East
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
MSCI	Morgan Stanley Capital International
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of September 30, 2020 (amounts in thousands):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
CHF	765	USD	828	Merrill Lynch International		10/2/2020		3
EUR	4,916	USD	5,729	Merrill Lynch International		10/2/2020		35
GBP	793	USD	1,010	Barclays Bank plc		10/2/2020		13
USD	843	CHF	765	Citibank, NA		10/2/2020		12
USD	219	EUR	185	Barclays Bank plc		10/2/2020		3
USD	5,597	EUR	4,731	TD Bank Financial Group		10/2/2020		50
USD	1,044	GBP	793	Citibank, NA		10/2/2020		21
HKD	10,831	USD	1,397	State Street Corp.		10/5/2020		–	(a)
USD	17	CNY	114	Royal Bank of Canada**		10/13/2020		–	(a)
AUD	2,610	USD	1,861	Credit Suisse International		10/22/2020		9
AUD	2,570	USD	1,817	TD Bank Financial Group		10/22/2020		24
CAD	1,348	USD	1,010	BNP Paribas		10/22/2020		3
CHF	1,729	GBP	1,439	Citibank, NA		10/22/2020		22
CHF	5,201	GBP	4,316	Goldman Sachs International		10/22/2020		80
CHF	1,711	JPY	194,613	BNP Paribas		10/22/2020		13
CHF	1,722	SEK	16,631	Credit Suisse International		10/22/2020		13
CLP	735,528	USD	932	Citibank, NA**		10/22/2020		5
COP	7,152,200	USD	1,860	Barclays Bank plc**		10/22/2020		7
EUR	262	CAD	407	Royal Bank of Canada		10/22/2020		1
EUR	4,772	CHF	5,134	Citibank, NA		10/22/2020		20
EUR	1,598	CHF	1,722	Goldman Sachs International		10/22/2020		5
EUR	1,596	CZK	43,003	BNP Paribas		10/22/2020		9
EUR	1,591	HUF	568,558	BNP Paribas		10/22/2020		32
EUR	1,593	JPY	195,237	Citibank, NA		10/22/2020		17
EUR	1,596	PLN	7,155	Barclays Bank plc		10/22/2020		21
EUR	4,789	SEK	49,922	BNP Paribas		10/22/2020		42
EUR	1,598	USD	1,871	Goldman Sachs International		10/22/2020		4
EUR	254	USD	296	TD Bank Financial Group		10/22/2020		1
GBP	6,623	AUD	11,802	Barclays Bank plc		10/22/2020		94
GBP	1,445	AUD	2,589	Goldman Sachs International		10/22/2020		10
GBP	7,220	CHF	8,544	Citibank, NA		10/22/2020		36
GBP	1,451	CHF	1,703	Goldman Sachs International		10/22/2020		22
GBP	1,454	JPY	197,135	Citibank, NA		10/22/2020		6
GBP	616	NZD	1,179	Goldman Sachs International		10/22/2020		14

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
GBP	735	USD	946	Barclays Bank plc		10/22/2020		3
GBP	726	USD	922	Credit Suisse International		10/22/2020		15
GBP	1,461	USD	1,868	Goldman Sachs International		10/22/2020		17
IDR	3,605,675	USD	240	Citibank, NA**		10/22/2020		2
ILS	3,240	EUR	793	BNP Paribas		10/22/2020		16
ILS	3,239	USD	941	BNP Paribas		10/22/2020		5
ILS	3,275	USD	954	Citibank, NA		10/22/2020		2
INR	139,588	USD	1,890	Barclays Bank plc**		10/22/2020		4
KRW	1,152,528	USD	971	Barclays Bank plc**		10/22/2020		17
KRW	2,225,807	USD	1,881	Citibank, NA**		10/22/2020		28
MXN	20,629	USD	925	Goldman Sachs International		10/22/2020		5
NZD	4,269	AUD	3,907	Citibank, NA		10/22/2020		26
NZD	1,485	USD	976	Goldman Sachs International		10/22/2020		7
RON	3,866	USD	922	Citibank, NA		10/22/2020		6
RUB	72,459	USD	919	Goldman Sachs International**		10/22/2020		12
SEK	25,286	EUR	2,400	Goldman Sachs International		10/22/2020		9
SEK	16,831	EUR	1,585	TD Bank Financial Group		10/22/2020		20
SEK	8,412	USD	925	BNP Paribas		10/22/2020		15
SEK	16,829	USD	1,849	Goldman Sachs International		10/22/2020		31
TRY	7,230	USD	925	Goldman Sachs International		10/22/2020		6
TWD	8,450	USD	290	Citibank, NA**		10/22/2020		3
USD	3,794	AUD	5,221	Citibank, NA		10/22/2020		55
USD	8,467	AUD	11,617	TD Bank Financial Group		10/22/2020		146
USD	1,907	BRL	10,038	Citibank, NA**		10/22/2020		121
USD	810	BRL	4,260	Goldman Sachs International**		10/22/2020		52
USD	798	CAD	1,050	TD Bank Financial Group		10/22/2020		9
USD	2,811	CLP	2,185,835	Barclays Bank plc**		10/22/2020		26
USD	2,053	CLP	1,569,574	Citibank, NA**		10/22/2020		53
USD	926	CLP	724,261	Goldman Sachs International**		10/22/2020		4
USD	2,614	COP	9,699,653	Goldman Sachs International**		10/22/2020		83
USD	954	EUR	805	BNP Paribas		10/22/2020		10
USD	16,444	EUR	13,853	Citibank, NA		10/22/2020		195
USD	16,910	EUR	14,386	Goldman Sachs International		10/22/2020		36
USD	2,829	GBP	2,189	Citibank, NA		10/22/2020		4
USD	955	IDR	14,106,057	Barclays Bank plc**		10/22/2020		7
USD	961	ILS	3,275	BNP Paribas		10/22/2020		5
USD	949	INR	69,931	Citibank, NA**		10/22/2020		1
USD	1,923	KRW	2,233,845	Barclays Bank plc**		10/22/2020		8
USD	1,878	KRW	2,181,999	Citibank, NA**		10/22/2020		7
USD	25,746	NZD	38,506	HSBC Bank, NA		10/22/2020		272
USD	975	RON	4,002	Citibank, NA		10/22/2020		13
USD	917	RUB	71,182	Barclays Bank plc**		10/22/2020		2
USD	2,782	RUB	214,148	Citibank, NA**		10/22/2020		31
USD	926	RUB	71,365	Goldman Sachs International**		10/22/2020		9
USD	1,894	SEK	16,562	Citibank, NA		10/22/2020		45
USD	360	SEK	3,149	Goldman Sachs International		10/22/2020		8
USD	3,786	SEK	33,460	TD Bank Financial Group		10/22/2020		49
USD	730	THB	22,903	Barclays Bank plc		10/22/2020		7
USD	926	TRY	7,123	BNP Paribas		10/22/2020		8
USD	3,699	ZAR	61,930	Barclays Bank plc		10/22/2020		11
USD	934	ZAR	15,653	BNP Paribas		10/22/2020		2
ZAR	31,731	USD	1,847	BNP Paribas		10/22/2020		43
ZAR	11,038	USD	653	Citibank, NA		10/22/2020		5
ZAR	15,880	USD	925	Goldman Sachs International		10/22/2020		20
AUD	2,555	USD	1,809	Merrill Lynch International		10/29/2020		21
CAD	3,572	USD	2,660	TD Bank Financial Group		10/29/2020		23
CHF	86	USD	93	BNP Paribas		10/29/2020		–	(a)

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
CHF	602	USD	652	Merrill Lynch International		10/29/2020		2
DKK	496	USD	77	State Street Corp.		10/29/2020		1
EUR	491	USD	570	State Street Corp.		10/29/2020		6
GBP	24	USD	31	BNP Paribas		10/29/2020		–	(a)
GBP	403	USD	513	Merrill Lynch International		10/29/2020		6
GBP	543	USD	687	State Street Corp.		10/29/2020		13
HKD	8,407	USD	1,084	State Street Corp.		10/29/2020		–	(a)
JPY	17,557	USD	165	BNP Paribas		10/29/2020		2
JPY	612,051	USD	5,764	Merrill Lynch International		10/29/2020		41
JPY	55,532	USD	526	State Street Corp.		10/29/2020		1
SGD	391	USD	282	BNP Paribas		10/29/2020		4
USD	104	EUR	88	BNP Paribas		10/29/2020		1
USD	111	EUR	94	Goldman Sachs International		10/29/2020		1
USD	1,182	EUR	1,000	State Street Corp.		10/29/2020		9
USD	17	GBP	13	BNP Paribas		10/29/2020		–	(a)
USD	878	GBP	652	Merrill Lynch International		10/29/2020		37
USD	483	GBP	369	State Street Corp.		10/29/2020		6
USD	83	SEK	730	Goldman Sachs International		10/29/2020		2
USD	240	SEK	2,086	State Street Corp.		10/29/2020		7
USD	299	SEK	2,618	TD Bank Financial Group		10/29/2020		7
GBP	172	USD	221	State Street Corp.		11/3/2020		1
USD	889	JPY	93,534	Standard Chartered Bank		11/4/2020		1
Total unrealized appreciation								2,435
JPY	93,534	USD	888	Standard Chartered Bank		10/2/2020		(1	)
USD	657	JPY	69,721	Citibank, NA		10/2/2020		(4	)
USD	225	JPY	23,814	Merrill Lynch International		10/2/2020		(1	)
USD	1,397	HKD	10,831	TD Bank Financial Group		10/5/2020		–	(a)
AUD	11,668	GBP	6,573	Barclays Bank plc		10/22/2020		(125	)
AUD	11,719	USD	8,592	Citibank, NA		10/22/2020		(198	)
BRL	11,798	USD	2,218	Citibank, NA**		10/22/2020		(119	)
CAD	23,918	USD	18,143	BNP Paribas		10/22/2020		(180	)
CHF	12,893	EUR	11,972	Citibank, NA		10/22/2020		(36	)
CHF	1,735	GBP	1,472	Credit Suisse International		10/22/2020		(15	)
CHF	4,455	USD	4,908	Barclays Bank plc		10/22/2020		(69	)
CHF	640	USD	706	Citibank, NA		10/22/2020		(10	)
CLP	3,023,925	USD	3,942	Citibank, NA**		10/22/2020		(90	)
CNY	12,904	USD	1,902	Credit Suisse International**		10/22/2020		(2	)
COP	3,530,332	USD	947	Citibank, NA**		10/22/2020		(26	)
CZK	42,286	EUR	1,587	BNP Paribas		10/22/2020		(29	)
CZK	23,720	USD	1,054	BNP Paribas		10/22/2020		(26	)
CZK	63,255	USD	2,815	Citibank, NA		10/22/2020		(74	)
EUR	1,617	CHF	1,747	Goldman Sachs International		10/22/2020		(1	)
EUR	9,520	SEK	101,333	Goldman Sachs International		10/22/2020		(151	)
EUR	3,182	USD	3,740	BNP Paribas		10/22/2020		(9	)
EUR	12,790	USD	15,173	Citibank, NA		10/22/2020		(172	)
EUR	798	USD	939	Credit Suisse International		10/22/2020		(3	)
EUR	1,591	USD	1,868	Goldman Sachs International		10/22/2020		(2	)
GBP	6,572	EUR	7,235	Citibank, NA		10/22/2020		(4	)
GBP	1,457	JPY	201,239	Barclays Bank plc		10/22/2020		(29	)
GBP	1,484	USD	1,926	Citibank, NA		10/22/2020		(11	)
HUF	836,488	USD	2,765	Citibank, NA		10/22/2020		(68	)
IDR	4,435,592	USD	298	Barclays Bank plc**		10/22/2020		–	(a)
ILS	3,300	USD	966	BNP Paribas		10/22/2020		(3	)
INR	140,114	USD	1,903	Barclays Bank plc**		10/22/2020		(2	)
JPY	298,686	CHF	2,627	Goldman Sachs International		10/22/2020		(21	)
JPY	196,276	EUR	1,596	BNP Paribas		10/22/2020		(11	)
JPY	195,422	GBP	1,461	Goldman Sachs International		10/22/2020		(32	)

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
MXN	48,050	USD	2,255	Barclays Bank plc		10/22/2020		(87	)
MXN	18,165	USD	846	BNP Paribas		10/22/2020		(26	)
MXN	20,032	USD	941	Goldman Sachs International		10/22/2020		(37	)
NZD	21,273	CAD	18,865	Citibank, NA		10/22/2020		(96	)
NZD	1,341	GBP	691	Citibank, NA		10/22/2020		(4	)
PLN	7,143	EUR	1,591	Goldman Sachs International		10/22/2020		(18	)
PLN	30,121	USD	8,020	Citibank, NA		10/22/2020		(227	)
RON	4,002	USD	972	Barclays Bank plc		10/22/2020		(11	)
RUB	379,105	USD	5,023	Goldman Sachs International**		10/22/2020		(152	)
SEK	49,984	EUR	4,800	Citibank, NA		10/22/2020		(48	)
SEK	33,504	EUR	3,200	Goldman Sachs International		10/22/2020		(12	)
SEK	8,951	EUR	860	Union Bank of Switzerland AG		10/22/2020		(9	)
SEK	7,624	USD	872	Barclays Bank plc		10/22/2020		(21	)
SEK	128,307	USD	14,637	Citibank, NA		10/22/2020		(307	)
SEK	16,484	USD	1,882	Goldman Sachs International		10/22/2020		(41	)
SEK	9,585	USD	1,092	Union Bank of Switzerland AG		10/22/2020		(22	)
SGD	2,581	USD	1,902	Goldman Sachs International		10/22/2020		(11	)
THB	30,332	USD	967	Barclays Bank plc		10/22/2020		(10	)
THB	37,087	USD	1,193	BNP Paribas		10/22/2020		(23	)
THB	21,173	USD	671	Goldman Sachs International		10/22/2020		(2	)
TRY	7,217	USD	934	Barclays Bank plc		10/22/2020		(4	)
TRY	28,744	USD	3,774	BNP Paribas		10/22/2020		(69	)
TRY	14,323	USD	1,886	HSBC Bank, NA		10/22/2020		(40	)
USD	985	CHF	913	Goldman Sachs International		10/22/2020		(7	)
USD	1,881	CNY	12,815	BNP Paribas**		10/22/2020		(6	)
USD	1,871	EUR	1,600	Goldman Sachs International		10/22/2020		(5	)
USD	3,741	GBP	2,914	Goldman Sachs International		10/22/2020		(19	)
USD	1,886	IDR	28,261,881	Barclays Bank plc**		10/22/2020		(14	)
USD	1,148	IDR	17,199,691	Goldman Sachs International**		10/22/2020		(7	)
USD	2,781	INR	205,925	Citibank, NA**		10/22/2020		(13	)
USD	1	JPY	58	Citibank, NA		10/22/2020		–	(a)
USD	1,852	MXN	41,904	Goldman Sachs International		10/22/2020		(38	)
USD	2,030	PHP	98,630	Citibank, NA**		10/22/2020		(4	)
USD	1,852	SEK	16,888	BNP Paribas		10/22/2020		(34	)
USD	1,810	TRY	14,175	Goldman Sachs International		10/22/2020		(16	)
USD	5,005	TWD	145,727	Goldman Sachs International**		10/22/2020		(43	)
USD	932	ZAR	15,723	Barclays Bank plc		10/22/2020		(5	)
USD	936	ZAR	15,906	Goldman Sachs International		10/22/2020		(11	)
ZAR	7,890	USD	487	Barclays Bank plc		10/22/2020		(17	)
ZAR	31,139	USD	1,922	BNP Paribas		10/22/2020		(68	)
CHF	120	USD	132	BNP Paribas		10/29/2020		(2	)
CHF	52	USD	58	Merrill Lynch International		10/29/2020		(1	)
CHF	87	USD	96	State Street Corp.		10/29/2020		(1	)
DKK	699	USD	111	Merrill Lynch International		10/29/2020		(1	)
DKK	298	USD	48	State Street Corp.		10/29/2020		(1	)
EUR	77	USD	91	Citibank, NA		10/29/2020		–	(a)
EUR	1,325	USD	1,571	Merrill Lynch International		10/29/2020		(17	)
GBP	194	USD	255	Citibank, NA		10/29/2020		(4	)
GBP	161	USD	210	State Street Corp.		10/29/2020		(1	)
GBP	70	USD	94	TD Bank Financial Group		10/29/2020		(3	)
JPY	3,481	USD	33	Goldman Sachs International		10/29/2020		–	(a)
JPY	17,026	USD	162	Merrill Lynch International		10/29/2020		–	(a)
NOK	1,513	USD	164	Merrill Lynch International		10/29/2020		(2	)
SEK	4,077	USD	462	Merrill Lynch International		10/29/2020		(7	)
SEK	332	USD	38	State Street Corp.		10/29/2020		(1	)
USD	29	DKK	185	Goldman Sachs International		10/29/2020		–	(a)
USD	706	DKK	4,515	Merrill Lynch International		10/29/2020		(5	)

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
USD	126	DKK	807	State Street Corp.		10/29/2020		(1	)
USD	61	EUR	52	BNP Paribas		10/29/2020		–	(a)
USD	260	EUR	223	Citibank, NA		10/29/2020		(2	)
USD	4,389	EUR	3,772	Merrill Lynch International		10/29/2020		(36	)
USD	1,035	EUR	892	State Street Corp.		10/29/2020		(12	)
USD	1,027	JPY	109,597	State Street Corp.		10/29/2020		(12	)
USD	829	CHF	765	Merrill Lynch International		11/3/2020		(3	)
USD	5,733	EUR	4,916	Merrill Lynch International		11/3/2020		(35	)
USD	1,010	GBP	793	Barclays Bank plc		11/3/2020		(13	)
USD	1,397	HKD	10,831	State Street Corp.		11/3/2020		–	(a)
Total unrealized depreciation								(3,268	)
Net unrealized depreciation								(833	)

Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chile Peso
CNY	China Yuan
COP	Colombian Peso
CZK	Czech Republic Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Republic Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippines Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than one thousand.
**	Non-deliverable forward.

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

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

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

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

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

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. 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 September 30, 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.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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	$	—	$	10,972	$	20,333		$	31,305
Collateralized Mortgage Obligations		—		13,895		10,537			24,432
Commercial Mortgage-Backed Securities		—		7,261		2,277			9,538
Common Stocks
Aerospace & Defense		2,243		1,871		—			4,114
Air Freight & Logistics		—		424		—			424
Airlines		721		57		—			778
Auto Components		—		657		—			657
Automobiles		4,277		3,237		—			7,514
Banks		18,377		10,001		—			28,378
Beverages		4,553		4,598		—			9,151
Biotechnology		8,566		729		—			9,295
Building Products		3,651		688		—			4,339
Capital Markets		10,590		3,589		—			14,179
Chemicals		2,677		5,128		—			7,805
Commercial Services & Supplies		2,601		330		—			2,931
Communications Equipment		737		259		—			996
Construction & Engineering		306		1,190		—			1,496
Construction Materials		797		1,627		—			2,424
Consumer Finance		2,270		24		—			2,294
Containers & Packaging		3,694		38		—			3,732
Distributors		1,159		5		—			1,164
Diversified Consumer Services		642		8		—			650
Diversified Financial Services		1,548		596		—			2,144
Diversified Telecommunication Services		1,272		1,999		—			3,271
Electric Utilities		7,957		2,905		—			10,862
Electrical Equipment		3,409		3,537		—			6,946
Electronic Equipment, Instruments & Components		2,178		3,077		—			5,255
Energy Equipment & Services		—		32		—			32
Entertainment		5,684		669		—			6,353
Equity Real Estate Investment Trusts (REITs)		8,610		809		—			9,419
Food & Staples Retailing		3,491		1,642		3			5,136
Food Products		965		5,930		—			6,895
Gas Utilities		339		404		—			743
Health Care Equipment & Supplies		8,542		1,466		—			10,008
Health Care Providers & Services		9,736		368		—	(a)		10,104
Health Care Technology		491		118		—			609
Hotels, Restaurants & Leisure		4,576		1,781		—			6,357
Household Durables		1,676		3,696		—			5,372
Household Products		1,768		1,361		—			3,129
Independent Power and Renewable Electricity Producers		—		156		—			156

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Industrial Conglomerates	$	2,234	$	966	$	—	$	3,200
Insurance		7,553		12,380		—		19,933
Interactive Media & Services		8,631		5,848		—		14,479
Internet & Direct Marketing Retail		21,126		2,129		34		23,289
IT Services		13,833		3,215		—		17,048
Leisure Products		425		156		—		581
Life Sciences Tools & Services		2,636		1,330		—		3,966
Machinery		8,215		6,967		—		15,182
Marine		—		119		—		119
Media		6,609		229		—		6,838
Metals & Mining		260		3,895		—		4,155
Multiline Retail		568		275		27		870
Multi-Utilities		640		911		—		1,551
Oil, Gas & Consumable Fuels		5,329		3,226		—		8,555
Paper & Forest Products		45		202		—		247
Personal Products		814		3,364		—		4,178
Pharmaceuticals		9,920		10,157		—		20,077
Professional Services		1,666		2,795		11		4,472
Real Estate Management & Development		750		2,269		—		3,019
Road & Rail		7,949		518		—		8,467
Semiconductors & Semiconductor Equipment		20,783		6,162		—		26,945
Software		22,749		2,588		—		25,337
Specialty Retail		10,036		940		—		10,976
Technology Hardware, Storage & Peripherals		9,890		4,852		—		14,742
Textiles, Apparel & Luxury Goods		1,725		4,943		—		6,668
Thrifts & Mortgage Finance		253		856		—		1,109
Tobacco		590		848		—		1,438
Trading Companies & Distributors		14		1,738		—		1,752
Transportation Infrastructure		28		377		—		405
Water Utilities		—		63		—		63
Wireless Telecommunication Services		588		1,278		—		1,866
Total Common Stocks		295,962		150,602		75		446,639
Convertible Bonds		—		39,361		—		39,361
Convertible Preferred Stocks		4,310		—		—		4,310
Corporate Bonds		—		92,721		—		92,721
Exchange-Traded Funds		64		—		—		64
Investment Companies		122,586		—		—		122,586
Loan Assignments
Auto Components		—		5		—		5
Chemicals		—		50		—		50
Communications Equipment		—		112		—		112
Food & Staples Retailing		—		—		89		89
Health Care Providers & Services		—		192		—		192

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Hotels, Restaurants & Leisure	$	—		$	52		$	—		$	52
Machinery		—			60			—			60
Multiline Retail		—			6			—			6
Oil, Gas & Consumable Fuels		—			151			300			451
Pharmaceuticals		—			147			—			147
Total Loan Assignments		—			775			389			1,164
Mortgage-Backed Securities		—			389			—			389
Preferred Stocks		—			—			72			72
Rights
Containers & Packaging		—			—	(a)		—			—	(a)
Media		—			—			—	(b)		—	(b)
Total Rights		—			—	(a)		—	(b)		—	(b)
U.S. Treasury Obligations		—			20,170			—			20,170
Warrants		—			—			22			22
Short-Term Investments
Investment Companies		34,353			—			—			34,353
Total Investments in Securities	$	457,275		$	336,146		$	33,705		$	827,126
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	2,435		$	—		$	2,435
Futures Contracts		624			—			—			624
Total Appreciation in Other Financial Instruments	$	624		$	2,435		$	—		$	3,059
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(3,268	)	$	—		$	(3,268	)
Futures Contracts		(1,210	)		—			—			(1,210	)
Total Depreciation in Other Financial Instruments	$	(1,210	)	$	(3,268	)	$	—		$	(4,478	)

(a) Value is zero.

(b) Amount rounds to less than one thousand.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 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 June 30, 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 September  30, 2020
Investments in Securities:
Asset-Backed Securities	$	20,226		$	—		$	302		$	14		$	—	(a)	$	(1,530	)	$	1,321	$	—	$	20,333
Collateralized Mortgage Obligations		11,503			(86	)		513			2			66			(1,461	)		—		—		10,537
Commercial Mortgage-Backed Securities		2,000			—			65			—	(a)		—			—			212		—		2,277
Common Stocks - Food & Staples Retailing		3			—			—			—			—			—			—		—		3
Common Stocks - Health Care Providers & Services		—	(b)		—			—			—			—			—			—		—		—	(b)
Common Stocks - Internet & Direct Marketing Retail		—			—			30			—			4			—			—		—		34
Common Stocks - Multiline Retail		—			—			27			—			—			—			—		—		27
Common Stocks -Professional Services		—			—			(4	)		—			15			—			—		—		11
Loan Assignments - Food & Staples Retailing		89			—			—	(a)		(1	)		1			—			—		—		89
Loan Assignments - Oil, Gas & Consumable Fuels		—			—			—			—			300			—			—		—		300
Preferred Stocks - Internet & Direct Marketing Retail		—			—			—			—			72			—			—		—		72
Rights - Media		—	(a)		—			—			—			—			—			—		—		—	(a)
Warrants - Wireless Telecommunication Services		22			—			—			—			—			—			—		—		22
Total	$	33,843		$	(86	)	$	933		$	15		$	458		$	(2,991	)	$	1,533	$	—	$	33,705

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

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

(a) Amount rounds to less than one thousand.

(b) Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at September 30, 2020, which were valued using significant unobservable inputs (level 3), amounted to approximately $863,000.

There were no significant transfers into or out of level 3 for the period ended September 30, 2020.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at September 30, 2020			Valuation Technique(s)		Unobservable Input		Range (Weighted Average) (a)
	$	20,333			Discounted Cash Flow		Constant Prepayment Rate		0.00%-20.00% (8.52%)
							Constant Default Rate		0.00%-6.80% (2.27%)
							Yield (Discount Rate of Cash Flows)		1.21%-16.53% (2.96%)
Asset-Backed Securities		20,333
		2,277			Discounted Cash Flow		Constant Prepayment Rate		0.00% - 100.00% (36.48%)
							Constant Default Rate		0.00% -2.00% (0.73%)
							Yield (Discount Rate of Cash Flows)		1.68% -9.42% (2.97%)
Commercial Mortgage-Backed Securities		2,277
		9,823			Discounted Cash Flow		Constant Prepayment Rate		2.00% -32.00% (19.18%)
							Constant Default Rate		0.00% -5.60% (0.66%)
							Yield (Discount Rate of Cash Flows)		1.65% -5.90% (3.53%)
Commercial Mortgage Obligation		9,823
		3			Market Comparable Companies		EBITDA Multiple (b)		6.0x (6.0x)
Common Stock		3
		—	(c)		Pending Distribution Amount		Expected Recovery		0.00% (0.00%)
Rights		—	(c)
		343			Terms of Exchange Offer		Expected Recovery		100.00% (100.00%)
		46			Market Comparable Companies		EBITDA Multiple (b)		6.0x (6.0x)
Loan Assignments		389
Total	$	32,825

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At September 30, 2020, the value of these investments was approximately $880,000. 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.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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 September 30, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at September 30, 2020		Shares at September 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	4,000	$	27,256	$	13,366	$	88		$	17		$	17,995		1,448	$	41		$	—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		98,796		3,184		—		—			729			102,709		9,536		663			—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		898		8		—		—			19			925		119		8			—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		937		8		—		—			12			957		124		8			—
JPMorgan Prime Money Market Fund Class IM Shares, 0.23% (a) (b)		64,384		199,904		230,455		3			(11	)		33,825		33,801		29			—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.16% (a) (b)		627		2,856		2,955		—	(c)		—			528		528		—	(c)		—
Total	$	169,642	$	233,216	$	246,776	$	91		$	766		$	156,939			$	749		$	—

(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 September 30, 2020.

(c) Amount rounds to less than one thousand.

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

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

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

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

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

(1). Futures Contracts — The Fund used index, treasury or other financial 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.

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.