JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 29.6%
Aerospace & Defense — 0.4%
Bombardier, Inc. (Canada)
6.00%, 10/15/2022(a)		338		321
7.50%, 12/1/2024(a)		589		527
7.50%, 3/15/2025(a)		5,000		4,313
BWX Technologies, Inc. 5.38%, 7/15/2026(a)		1,885		1,958
Howmet Aerospace, Inc.
5.13%, 10/1/2024		4,373		4,755
5.90%, 2/1/2027		3,054		3,546
6.75%, 1/15/2028		118		139
5.95%, 2/1/2037		110		130
Rolls-Royce plc (United Kingdom) 5.75%, 10/15/2027(a)		1,420		1,523
TransDigm, Inc. 6.25%, 3/15/2026(a)		5,712		6,055
Triumph Group, Inc.
5.25%, 6/1/2022		50		46
6.25%, 9/15/2024(a)		2,566		2,489
7.75%, 8/15/2025		2,540		2,229
				28,031
Air Freight & Logistics — 0.1%
XPO Logistics, Inc.
6.13%, 9/1/2023(a)		3,005		3,054
6.75%, 8/15/2024(a)		3,998		4,236
				7,290
Airlines — 0.1%
Delta Air Lines, Inc.
4.50%, 10/20/2025(a)		1,852		1,955
4.75%, 10/20/2028(a)		2,592		2,790
United Airlines Holdings, Inc.
5.00%, 2/1/2024		266		259
4.88%, 1/15/2025		388		374
				5,378
Auto Components — 0.9%
Adient Global Holdings Ltd. 4.88%, 8/15/2026(a)		3,620		3,647
Adient US LLC 7.00%, 5/15/2026(a)		4,760		5,165
Allison Transmission, Inc.
4.75%, 10/1/2027(a)		3,298		3,489
5.88%, 6/1/2029(a)		3,485		3,886
3.75%, 1/30/2031(a)		1,765		1,778
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		9,630		9,979
6.25%, 3/15/2026		828		849
6.50%, 4/1/2027		3,140		3,281
BorgWarner, Inc. 5.00%, 10/1/2025(a)		2,940		3,446
Clarios Global LP
6.25%, 5/15/2026(a)		3,900		4,144
8.50%, 5/15/2027(a)		2,780		2,992
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(a)		884		713
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(a)		2,380		2,499
Dana, Inc. 5.38%, 11/15/2027		2,745		2,920
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		813		814
5.00%, 5/31/2026		503		513
4.88%, 3/15/2027		118		119
Icahn Enterprises LP
6.25%, 2/1/2022		1,575		1,584
6.75%, 2/1/2024		370		377
4.75%, 9/15/2024		500		515
6.25%, 5/15/2026		2,691		2,812
IHO Verwaltungs GmbH (Germany) 4.75% (cash), 9/15/2026(a)(b)		4,960		5,096
Tenneco, Inc.
5.38%, 12/15/2024		540		489
5.00%, 7/15/2026		1,335		1,201
7.88%, 1/15/2029(a)		1,000		1,103
				63,411
Automobiles — 0.0%(c)
General Motors Co. 5.00%, 4/1/2035		240		284
Jaguar Land Rover Automotive plc (United Kingdom) 4.50%, 10/1/2027(a)		1,000		914
				1,198
Banks — 0.8%
Banco do Brasil SA (Brazil) (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 6.36%), 9.00%, 6/18/2024(d)(e)(f)(g)		1,740		1,918
Banco Mercantil del Norte SA (Mexico) (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%), 7.50%, 6/27/2029(d)(e)(f)(g)		4,472		4,833
Bank of America Corp.
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025(d)(e)(g)		716		795
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026(d)(e)(g)		34		39
Barclays plc (United Kingdom) (USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023(d)(e)(g)		9,750		10,481
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 4.70%, 2/15/2021(d)(e)(g)		43		43
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023(d)(e)(g)		865		911
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(d)(e)(g)		4,714		5,087
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026(d)(e)(g)		83		95

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Credit Agricole SA (France) (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(a)(d)(e)(g)		200		241
Development Bank of the Republic of Belarus JSC (Belarus) 6.75%, 5/2/2024(a)		2,600		2,586
ING Groep NV (Netherlands) (USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022(d)(e)(f)(g)		900		944
National Australia Bank Ltd. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034(a)(e)		1,400		1,567
Natwest Group plc (United Kingdom)
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021(d)(e)(g)		5,500		5,722
6.00%, 12/19/2023		665		755
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025(d)(e)(g)		12,295		13,451
Societe Generale SA (France)
(USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021(a)(d)(e)(g)		739		763
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025(a)(d)(e)(g)		200		234
Standard Chartered plc (United Kingdom) (USD Swap Semi 5 Year + 6.30%), 7.50%, 4/2/2022(a)(d)(e)(g)		500		521
UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 5.46%, 6/30/2035(a)(e)		5,096		5,578
Wachovia Capital Trust III (ICE LIBOR USD 3 Month + 0.93%, 5.57% Floor), 5.57%, 1/7/2021(d)(e)(g)		4,738		4,792
				61,356
Biotechnology — 0.0%(c)
Emergent BioSolutions, Inc. 3.88%, 8/15/2028(a)		1,000		1,011
Building Products — 0.4%
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027(a)		125		131
American Woodmark Corp. 4.88%, 3/15/2026(a)		1,525		1,559
Builders FirstSource, Inc. 6.75%, 6/1/2027(a)		1,696		1,834
Elementia SAB de CV (Mexico) 5.50%, 1/15/2025(f)		1,400		1,416
James Hardie International Finance DAC
4.75%, 1/15/2025(a)		450		460
5.00%, 1/15/2028(a)		500		529
JELD-WEN, Inc.
6.25%, 5/15/2025(a)		1,015		1,093
4.63%, 12/15/2025(a)		440		449
4.88%, 12/15/2027(a)		950		1,000
Masonite International Corp.
5.75%, 9/15/2026(a)		3,330		3,488
5.38%, 2/1/2028(a)		2,710		2,884
PGT Innovations, Inc. 6.75%, 8/1/2026(a)		265		283
Standard Industries, Inc.
5.00%, 2/15/2027(a)		340		356
4.75%, 1/15/2028(a)		7,193		7,580
3.38%, 1/15/2031(a)		1,064		1,068
Summit Materials LLC
5.13%, 6/1/2025(a)		260		264
6.50%, 3/15/2027(a)		1,145		1,214
				25,608
Capital Markets — 0.4%
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.60%), 7.50%, 7/17/2023(a)(d)(e)(g)		9,000		9,798
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027(a)(d)(e)(g)		4,760		5,048
Goldman Sachs Group, Inc. (The)
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(d)(e)(g)		5,070		5,078
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025(d)(e)(g)		4,072		4,255
LPL Holdings, Inc. 5.75%, 9/15/2025(a)		1,150		1,190
MSCI, Inc. 5.38%, 5/15/2027(a)		2,543		2,724
UBS Group AG (Switzerland) (USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(d)(e)(f)(g)		250		285
				28,378
Chemicals — 0.7%
Axalta Coating Systems LLC 4.75%, 6/15/2027(a)		5,397		5,694
Chemours Co. (The) 7.00%, 5/15/2025		7,326		7,582
CVR Partners LP 9.25%, 6/15/2023(a)		2,392		2,377
GCP Applied Technologies, Inc. 5.50%, 4/15/2026(a)		3,485		3,572

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Hexion, Inc. 7.88%, 7/15/2027(a)		3,110		3,335
Huntsman International LLC 5.13%, 11/15/2022		200		214
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024(a)		2,500		2,545
Nouryon Holding BV (Netherlands) 8.00%, 10/1/2026(a)		6,070		6,503
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024(a)		3,250		3,347
5.00%, 5/1/2025(a)		1,272		1,317
5.25%, 6/1/2027(a)		3,951		4,119
Olin Corp. 5.63%, 8/1/2029		2,620		2,816
Rain CII Carbon LLC 7.25%, 4/1/2025(a)		150		149
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026		1,775		1,890
4.50%, 10/15/2029		2,975		3,176
Trinseo Materials Operating SCA 5.38%, 9/1/2025(a)		4,026		4,117
Tronox, Inc. 6.50%, 4/15/2026(a)		1,804		1,874
				54,627
Commercial Services & Supplies — 0.4%
ACCO Brands Corp. 5.25%, 12/15/2024(a)		2,689		2,756
ADT Security Corp. (The)
4.13%, 6/15/2023		246		259
4.88%, 7/15/2032(a)		2,405		2,529
Allied Universal Holdco LLC
6.63%, 7/15/2026(a)		1,542		1,657
9.75%, 7/15/2027(a)		72		80
Aramark Services, Inc. 5.00%, 2/1/2028(a)		4,951		5,200
Brink’s Co. (The) 4.63%, 10/15/2027(a)		995		1,048
Clean Harbors, Inc. 4.88%, 7/15/2027(a)		2,860		3,029
Covanta Holding Corp. 5.88%, 7/1/2025		1,390		1,447
GFL Environmental, Inc. (Canada) 3.75%, 8/1/2025(a)		3,250		3,315
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021(a)		44		44
5.00%, 2/1/2025(a)		146		150
Nielsen Finance LLC 5.00%, 4/15/2022(a)		1,854		1,854
Prime Security Services Borrower LLC
5.25%, 4/15/2024(a)		653		692
5.75%, 4/15/2026(a)		4,665		5,062
				29,122
Communications Equipment — 0.3%
CommScope Technologies LLC 6.00%, 6/15/2025(a)		3,803		3,897
CommScope, Inc.
5.50%, 3/1/2024(a)		170		175
6.00%, 3/1/2026(a)		7,760		8,187
8.25%, 3/1/2027(a)		4,945		5,328
Nokia OYJ (Finland) 4.38%, 6/12/2027		2,600		2,827
Plantronics, Inc. 5.50%, 5/31/2023(a)		2,380		2,386
				22,800
Construction & Engineering — 0.1%
AECOM 5.13%, 3/15/2027		4,208		4,702
Aeropuerto Internacional de Tocumen SA (Panama) 6.00%, 11/18/2048(f)		2,091		2,397
Bioceanico Sovereign Certificate Ltd. (Cayman Islands) Zero Coupon, 6/5/2034(f)		3,378		2,485
MasTec, Inc. 4.50%, 8/15/2028(a)		1,000		1,045
				10,629
Consumer Finance — 1.2%
AerCap Ireland Capital DAC (Ireland)
5.00%, 10/1/2021		2,164		2,234
4.50%, 9/15/2023		2,900		3,105
Ally Financial, Inc.
4.13%, 2/13/2022		35		36
5.13%, 9/30/2024		128		147
4.63%, 3/30/2025		1,366		1,552
5.75%, 11/20/2025		5,925		6,919
8.00%, 11/1/2031		418		599
Avolon Holdings Funding Ltd. (Ireland) 3.63%, 5/1/2022(a)		5,500		5,582
Curo Group Holdings Corp. 8.25%, 9/1/2025(a)		1,166		991
Ford Motor Credit Co. LLC
5.88%, 8/2/2021		2,000		2,046
3.22%, 1/9/2022		934		936
3.09%, 1/9/2023		3,350		3,363
3.37%, 11/17/2023		2,620		2,653
4.06%, 11/1/2024		1,000		1,040
4.69%, 6/9/2025		7,970		8,468
4.13%, 8/4/2025		2,500		2,588
3.38%, 11/13/2025		1,766		1,772
4.39%, 1/8/2026		1,500		1,560
4.54%, 8/1/2026		3,245		3,403
4.27%, 1/9/2027		15,340		15,879
4.13%, 8/17/2027		2,620		2,708
4.00%, 11/13/2030		2,133		2,154
General Motors Financial Co., Inc. 5.25%, 3/1/2026		270		316
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 7.25% (PIK), 9/15/2024(a)(b)		3,710		3,244
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 3.23%, 12/21/2065(a)(e)		1,135		705

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Navient Corp. 6.13%, 3/25/2024		2,180		2,305
OneMain Finance Corp.
6.13%, 5/15/2022		245		258
5.63%, 3/15/2023		272		289
6.88%, 3/15/2025		935		1,071
7.13%, 3/15/2026		3,197		3,680
6.63%, 1/15/2028		4,603		5,282
Park Aerospace Holdings Ltd. (Ireland) 4.50%, 3/15/2023(a)		2,146		2,236
				89,121
Containers & Packaging — 0.7%
Ardagh Packaging Finance plc
6.00%, 2/15/2025(a)		2,246		2,327
5.25%, 8/15/2027(a)		8,782		9,159
Berry Global, Inc.
5.13%, 7/15/2023		80		81
4.50%, 2/15/2026(a)		525		538
4.88%, 7/15/2026(a)		7,076		7,512
Crown Americas LLC 4.75%, 2/1/2026		860		893
Greif, Inc. 6.50%, 3/1/2027(a)		1,690		1,787
LABL Escrow Issuer LLC 6.75%, 7/15/2026(a)		7,145		7,627
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024(a)		5,060		5,124
7.25%, 4/15/2025(a)		5,185		5,204
OI European Group BV 4.00%, 3/15/2023(a)		14		14
Sealed Air Corp.
5.13%, 12/1/2024(a)		1,995		2,187
5.50%, 9/15/2025(a)		250		280
Smurfit Kappa Treasury Funding DAC (Ireland) 7.50%, 11/20/2025		950		1,159
Trivium Packaging Finance BV (Netherlands)
5.50%, 8/15/2026(a)(h)		6,991		7,323
8.50%, 8/15/2027(a)(h)		1,545		1,673
				52,888
Distributors — 0.2%
Performance Food Group, Inc. 5.50%, 10/15/2027(a)		4,207		4,475
Wolverine Escrow LLC
8.50%, 11/15/2024(a)		2,565		2,151
9.00%, 11/15/2026(a)		5,895		4,952
				11,578
Diversified Consumer Services — 0.1%
Service Corp. International
7.50%, 4/1/2027		535		647
4.63%, 12/15/2027		2,455		2,602
5.13%, 6/1/2029		3,309		3,677
3.38%, 8/15/2030		1,426		1,462
				8,388
Diversified Financial Services — 0.1%
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026(a)		2,967		3,167
8.25%, 11/15/2026(a)		201		219
Sabre GLBL, Inc. 5.25%, 11/15/2023(a)		875		881
				4,267
Diversified Telecommunication Services — 2.7%
Altice France Holding SA (Luxembourg)
10.50%, 5/15/2027(a)		5,687		6,410
6.00%, 2/15/2028(a)		995		1,010
Altice France SA (France)
7.38%, 5/1/2026(a)		12,790		13,430
8.13%, 2/1/2027(a)		400		440
5.50%, 1/15/2028(a)		3,500		3,650
CCO Holdings LLC
5.75%, 2/15/2026(a)		10,531		10,916
5.50%, 5/1/2026(a)		3,082		3,210
5.13%, 5/1/2027(a)		20,640		21,716
5.88%, 5/1/2027(a)		3,524		3,680
5.00%, 2/1/2028(a)		14,412		15,150
5.38%, 6/1/2029(a)		1,229		1,343
4.75%, 3/1/2030(a)		4,817		5,101
4.25%, 2/1/2031(a)		4,673		4,848
CenturyLink, Inc.
Series W, 6.75%, 12/1/2023		388		430
Series Y, 7.50%, 4/1/2024		3,707		4,156
5.63%, 4/1/2025		2,711		2,908
5.13%, 12/15/2026(a)		6,300		6,551
4.00%, 2/15/2027(a)		5,090		5,262
Series G, 6.88%, 1/15/2028		17		20
Cincinnati Bell, Inc.
7.00%, 7/15/2024(a)		1,740		1,799
8.00%, 10/15/2025(a)		325		348
DKT Finance ApS (Denmark) 9.38%, 6/17/2023(a)		1,150		1,184
Embarq Corp. 8.00%, 6/1/2036		1,643		1,974
Frontier Communications Corp.
7.63%, 4/15/2024(i)		158		74
6.88%, 1/15/2025(i)		357		165
11.00%, 9/15/2025(i)		369		182
5.88%, 10/15/2027(a)		6,125		6,439
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023(i)		8,602		5,785
8.00%, 2/15/2024(a)(h)(i)		5,129		5,244
8.50%, 10/15/2024(a)(i)		5,163		3,641
9.75%, 7/15/2025(a)(i)		1,765		1,253
Level 3 Financing, Inc.
5.38%, 5/1/2025		4,436		4,554
5.25%, 3/15/2026		3,416		3,531
4.63%, 9/15/2027(a)		6,151		6,416
SES GLOBAL Americas Holdings GP (Luxembourg) 5.30%, 3/25/2044(a)		110		117
Sprint Capital Corp.
6.88%, 11/15/2028		148		192
8.75%, 3/15/2032		12,816		19,652
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		6,765		8,084
6.00%, 9/30/2034		2,211		2,616
7.72%, 6/4/2038		3,920		5,363

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Telecom Italia SpA (Italy) 5.30%, 5/30/2024(a)		500		544
Virgin Media Secured Finance plc (United Kingdom)
5.50%, 8/15/2026(a)		2,560		2,678
5.50%, 5/15/2029(a)		6,015		6,519
Zayo Group Holdings, Inc. 4.00%, 3/1/2027(a)		2,250		2,238
				200,823
Electric Utilities — 0.5%
Cleveland Electric Illuminating Co. (The) 4.55%, 11/15/2030(a)		500		578
Eskom Holdings SOC Ltd. (South Africa) 5.75%, 1/26/2021(f)		3,900		3,876
FEL Energy VI SARL (Mexico) 5.75%, 12/1/2040(a)		7,729		8,131
Fenix Power Peru SA (Peru) 4.32%, 9/20/2027(f)		2,601		2,677
Instituto Costarricense de Electricidad (Costa Rica)
6.95%, 11/10/2021(f)		1,300		1,283
6.38%, 5/15/2043(f)		690		497
NextEra Energy Operating Partners LP
4.25%, 7/15/2024(a)		213		224
4.25%, 9/15/2024(a)		52		55
4.50%, 9/15/2027(a)		201		220
NRG Energy, Inc.
7.25%, 5/15/2026		2,315		2,456
6.63%, 1/15/2027		1,995		2,100
5.75%, 1/15/2028		3,166		3,455
5.25%, 6/15/2029(a)		294		321
3.63%, 2/15/2031(a)		900		934
PG&E Corp. 5.00%, 7/1/2028		4,100		4,377
Vistra Operations Co. LLC
5.50%, 9/1/2026(a)		501		524
5.63%, 2/15/2027(a)		1,370		1,447
5.00%, 7/31/2027(a)		4,380		4,633
				37,788
Electrical Equipment — 0.0%(c)
Sensata Technologies BV
4.88%, 10/15/2023(a)		255		274
5.63%, 11/1/2024(a)		200		224
5.00%, 10/1/2025(a)		517		574
				1,072
Electronic Equipment, Instruments & Components — 0.2%
CDW LLC
5.50%, 12/1/2024		390		431
4.25%, 4/1/2028		7,760		8,090
Sensata Technologies, Inc. 4.38%, 2/15/2030(a)		3,770		4,034
				12,555
Energy Equipment & Services — 0.2%
Archrock Partners LP 6.88%, 4/1/2027(a)		1,701		1,767
Nabors Industries Ltd. 7.25%, 1/15/2026(a)		3,575		2,002
Nabors Industries, Inc. 5.75%, 2/1/2025		414		152
Precision Drilling Corp. (Canada)
7.75%, 12/15/2023		75		60
5.25%, 11/15/2024		201		131
7.13%, 1/15/2026(a)		3,376		2,228
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		4,650		4,342
Transocean Poseidon Ltd. 6.88%, 2/1/2027(a)		259		218
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)		289		268
Transocean, Inc. 11.50%, 1/30/2027(a)		966		495
				11,663
Entertainment — 0.4%
AMC Entertainment Holdings, Inc.
10.50%, 4/24/2026(a)		915		686
12.00% (PIK), 6/15/2026(a)(b)		2,432		527
Cinemark USA, Inc. 4.88%, 6/1/2023		3,316		3,139
Live Nation Entertainment, Inc.
4.88%, 11/1/2024(a)		4,410		4,377
5.63%, 3/15/2026(a)		643		650
6.50%, 5/15/2027(a)		2,550		2,824
4.75%, 10/15/2027(a)		1,820		1,795
Netflix, Inc.
5.88%, 2/15/2025		50		57
4.88%, 4/15/2028		4,845		5,548
5.88%, 11/15/2028		7,085		8,556
5.38%, 11/15/2029(a)		202		241
4.88%, 6/15/2030(a)		1,855		2,145
WMG Acquisition Corp. 5.50%, 4/15/2026(a)		525		545
				31,090
Equity Real Estate Investment Trusts (REITs) — 0.6%
Brookfield Property REIT, Inc. 5.75%, 5/15/2026(a)		3,421		3,147
ESH Hospitality, Inc. 4.63%, 10/1/2027(a)		1,915		1,944
GEO Group, Inc. (The) 5.88%, 10/15/2024		250		197
GLP Capital LP
5.25%, 6/1/2025		225		250
5.75%, 6/1/2028		250		292
Iron Mountain, Inc.
4.88%, 9/15/2027(a)		3,444		3,569
5.25%, 3/15/2028(a)		763		798
4.88%, 9/15/2029(a)		1,325		1,378
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		4,022		4,314
5.75%, 2/1/2027		2,400		2,675
3.88%, 2/15/2029(a)		1,950		1,969
MPT Operating Partnership LP 4.63%, 8/1/2029		1,472		1,570

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
RHP Hotel Properties LP
5.00%, 4/15/2023		875		870
4.75%, 10/15/2027		6,575		6,526
SBA Communications Corp. 4.88%, 9/1/2024		1,225		1,255
Uniti Group LP
6.00%, 4/15/2023(a)		4,795		4,897
8.25%, 10/15/2023		99		99
7.13%, 12/15/2024(a)		65		64
VICI Properties LP
3.50%, 2/15/2025(a)		590		602
4.25%, 12/1/2026(a)		3,443		3,572
3.75%, 2/15/2027(a)		1,945		1,984
4.63%, 12/1/2029(a)		1,532		1,633
4.13%, 8/15/2030(a)		2,240		2,309
				45,914
Food & Staples Retailing — 0.4%
Albertsons Cos., Inc.
5.75%, 3/15/2025		6,573		6,779
3.25%, 3/15/2026(a)		1,787		1,805
7.50%, 3/15/2026(a)		1,980		2,223
4.63%, 1/15/2027(a)		3,255		3,431
5.88%, 2/15/2028(a)		1,317		1,422
3.50%, 3/15/2029(a)		1,783		1,779
4.88%, 2/15/2030(a)		1,160		1,269
Cencosud SA (Chile) 6.63%, 2/12/2045(f)		2,600		3,331
New Albertsons LP
6.63%, 6/1/2028		8		9
7.45%, 8/1/2029		113		131
8.00%, 5/1/2031		870		1,064
Rite Aid Corp.
7.50%, 7/1/2025(a)		2,814		2,863
8.00%, 11/15/2026(a)		3,876		3,934
Tesco plc (United Kingdom) 6.15%, 11/15/2037(a)		870		1,130
				31,170
Food Products — 0.4%
B&G Foods, Inc. 5.25%, 4/1/2025		2,741		2,843
Darling Ingredients, Inc. 5.25%, 4/15/2027(a)		1,640		1,747
Dole Food Co., Inc. 7.25%, 6/15/2025(a)		650		658
JBS USA LUX SA
5.75%, 6/15/2025(a)		1,228		1,265
6.75%, 2/15/2028(a)		1,253		1,402
6.50%, 4/15/2029(a)		757		867
Lamb Weston Holdings, Inc.
4.63%, 11/1/2024(a)		1,000		1,040
4.88%, 11/1/2026(a)		4,905		5,101
Pilgrim’s Pride Corp.
5.75%, 3/15/2025(a)		2,695		2,768
5.88%, 9/30/2027(a)		397		427
Post Holdings, Inc.
5.00%, 8/15/2026(a)		3,352		3,478
5.75%, 3/1/2027(a)		342		360
5.63%, 1/15/2028(a)		100		106
5.50%, 12/15/2029(a)		4,455		4,834
4.63%, 4/15/2030(a)		1,095		1,143
Sigma Holdco BV (Netherlands) 7.88%, 5/15/2026(a)		3,000		3,000
				31,039
Gas Utilities — 0.1%
AmeriGas Partners LP
5.63%, 5/20/2024		189		206
5.50%, 5/20/2025		3,952		4,347
5.88%, 8/20/2026		2,038		2,290
5.75%, 5/20/2027		277		313
				7,156
Health Care Equipment & Supplies — 0.1%
Avantor Funding, Inc. 4.63%, 7/15/2028(a)		2,257		2,376
Hill-Rom Holdings, Inc.
5.00%, 2/15/2025(a)		1,093		1,126
4.38%, 9/15/2027(a)		3,560		3,711
Hologic, Inc. 3.25%, 2/15/2029(a)		755		767
				7,980
Health Care Providers & Services — 2.0%
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023		738		743
6.50%, 3/1/2024		211		216
Centene Corp.
4.75%, 1/15/2025		421		434
5.38%, 6/1/2026(a)		8,395		8,825
4.25%, 12/15/2027		4,261		4,535
4.63%, 12/15/2029		3,950		4,331
3.38%, 2/15/2030		1,140		1,195
3.00%, 10/15/2030		2,180		2,295
Community Health Systems, Inc.
6.25%, 3/31/2023		4,288		4,379
8.63%, 1/15/2024(a)		5,285		5,497
8.00%, 3/15/2026(a)		101		106
DaVita, Inc.
4.63%, 6/1/2030(a)		3,000		3,154
3.75%, 2/15/2031(a)		3,348		3,335
Encompass Health Corp.
5.75%, 9/15/2025		1,960		2,024
4.50%, 2/1/2028		5,150		5,389
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		1,122		665
HCA, Inc.
5.88%, 5/1/2023		355		388
5.38%, 2/1/2025		2,180		2,441
5.88%, 2/15/2026		16,589		19,098
5.25%, 6/15/2026		145		171
5.38%, 9/1/2026		2,500		2,841
5.63%, 9/1/2028		13,341		15,644
5.88%, 2/1/2029		17,085		20,422
3.50%, 9/1/2030		1,515		1,567
Team Health Holdings, Inc. 6.38%, 2/1/2025(a)		1,018		784
Tenet Healthcare Corp.
4.63%, 7/15/2024		2,712		2,759
4.63%, 9/1/2024(a)		86		89
5.13%, 5/1/2025		3,302		3,335
4.88%, 1/1/2026(a)		11,342		11,682

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
6.25%, 2/1/2027(a)		10,278		10,766
5.13%, 11/1/2027(a)		5,191		5,412
				144,522
Health Care Technology — 0.1%
IQVIA, Inc.
5.00%, 10/15/2026(a)		3,787		3,962
5.00%, 5/15/2027(a)		3,412		3,591
				7,553
Hotels, Restaurants & Leisure — 1.3%
1011778 BC ULC (Canada)
4.25%, 5/15/2024(a)		853		871
3.88%, 1/15/2028(a)		1,970		2,026
Boyd Gaming Corp.
6.38%, 4/1/2026		2,069		2,149
6.00%, 8/15/2026		1,625		1,692
Boyne USA, Inc. 7.25%, 5/1/2025(a)		2,594		2,736
Caesars Resort Collection LLC
5.75%, 7/1/2025(a)		234		248
5.25%, 10/15/2025(a)		2,240		2,240
Cedar Fair LP
5.38%, 4/15/2027		24		24
5.25%, 7/15/2029		1,975		2,025
Cirsa Finance International SARL (Spain) 7.88%, 12/20/2023(a)		1,820		1,811
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(a)		726		633
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(a)		851		817
Enterprise Development Authority (The) 12.00%, 7/15/2024(a)		1,032		1,156
Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024(a)		982		889
Hilton Domestic Operating Co., Inc.
5.13%, 5/1/2026		4,492		4,646
5.75%, 5/1/2028(a)		1,000		1,076
3.75%, 5/1/2029(a)		900		924
4.88%, 1/15/2030		1,404		1,514
4.00%, 5/1/2031(a)		540		567
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		459		481
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		1,379		1,411
4.88%, 4/1/2027		3,059		3,189
International Game Technology plc
6.50%, 2/15/2025(a)		1,825		2,012
6.25%, 1/15/2027(a)		3,085		3,433
KFC Holding Co.
5.25%, 6/1/2026(a)		1,000		1,035
4.75%, 6/1/2027(a)		1,440		1,508
Marriott Ownership Resorts, Inc.
6.50%, 9/15/2026		3,565		3,743
4.75%, 1/15/2028		18		18
Merlin Entertainments Ltd. (United Kingdom) 5.75%, 6/15/2026(a)		3,050		3,187
MGM Resorts International
6.00%, 3/15/2023		745		797
5.75%, 6/15/2025		1,419		1,534
4.63%, 9/1/2026		1,954		2,003
5.50%, 4/15/2027		1,675		1,794
Motion Bondco DAC (United Kingdom) 6.63%, 11/15/2027(a)		500		501
Royal Caribbean Cruises Ltd.
10.88%, 6/1/2023(a)		1,180		1,335
11.50%, 6/1/2025(a)		3,418		4,014
Scientific Games International, Inc. 5.00%, 10/15/2025(a)		4,321		4,445
Six Flags Entertainment Corp.
4.88%, 7/31/2024(a)		3,291		3,278
5.50%, 4/15/2027(a)		1,740		1,762
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(a)		3,716		3,930
Station Casinos LLC
5.00%, 10/1/2025(a)		3,136		3,159
4.50%, 2/15/2028(a)		760		749
Wyndham Destinations, Inc.
4.25%, 3/1/2022		8		8
6.60%, 10/1/2025(h)		143		161
6.00%, 4/1/2027(h)		1,508		1,647
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		5,189		5,293
Wynn Resorts Finance LLC 5.13%, 10/1/2029(a)		7,203		7,331
Yum! Brands, Inc.
7.75%, 4/1/2025(a)		560		620
4.75%, 1/15/2030(a)		3,563		3,852
3.63%, 3/15/2031		1,968		1,963
				98,237
Household Durables — 0.4%
Lennar Corp.
5.88%, 11/15/2024		117		135
4.75%, 5/30/2025		874		1,002
5.25%, 6/1/2026		4,166		4,927
5.00%, 6/15/2027		1,100		1,302
Newell Brands, Inc.
4.70%, 4/1/2026(h)		6,000		6,464
5.87%, 4/1/2036(h)		2,780		3,336
PulteGroup, Inc. 5.00%, 1/15/2027		1,460		1,723
Tempur Sealy International, Inc.
5.63%, 10/15/2023		645		657
5.50%, 6/15/2026		6,754		7,035
Toll Brothers Finance Corp. 3.80%, 11/1/2029		595		644
				27,225
Household Products — 0.3%
Central Garden & Pet Co. 5.13%, 2/1/2028		2,775		2,949
Energizer Holdings, Inc.
7.75%, 1/15/2027(a)		6,550		7,140
4.75%, 6/15/2028(a)		2,000		2,092
4.38%, 3/31/2029(a)		1,600		1,633

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Spectrum Brands, Inc.
6.13%, 12/15/2024		673		687
5.75%, 7/15/2025		4,325		4,466
5.00%, 10/1/2029(a)		2,578		2,784
				21,751
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The)
5.50%, 4/15/2025		3,838		3,956
5.13%, 9/1/2027		500		551
Calpine Corp.
5.25%, 6/1/2026(a)		7,286		7,549
4.63%, 2/1/2029(a)		1,000		1,032
Clearway Energy Operating LLC
5.75%, 10/15/2025		55		58
5.00%, 9/15/2026		316		325
				13,471
Industrial Conglomerates — 0.0%(c)
Grupo KUO SAB de CV (Mexico) 5.75%, 7/7/2027(a)		1,100		1,166
Insurance — 0.0%(c)
Harborwalk Funding Trust (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069(a)(e)		600		762
Internet & Direct Marketing Retail — 0.1%
Go Daddy Operating Co. LLC 5.25%, 12/1/2027(a)		551		580
MYT Holding LLC 7.50% (PIK), 9/25/2025(a)(b)		20		20
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(a)		2,900		2,914
				3,514
IT Services — 0.0%(c)
Cogent Communications Group, Inc. 5.38%, 3/1/2022(a)		1,515		1,554
Exela Intermediate LLC 10.00%, 7/15/2023(a)		998		302
Gartner, Inc. 4.50%, 7/1/2028(a)		1,500		1,575
				3,431
Leisure Products — 0.2%
Mattel, Inc.
3.15%, 3/15/2023		765		774
6.75%, 12/31/2025(a)		8,363		8,795
5.88%, 12/15/2027(a)		2,635		2,905
Vista Outdoor, Inc. 5.88%, 10/1/2023		350		353
				12,827
Machinery — 0.1%
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023(a)		530		537
Colfax Corp.
6.00%, 2/15/2024(a)		1,935		2,005
6.38%, 2/15/2026(a)		23		25
EnPro Industries, Inc. 5.75%, 10/15/2026		265		284
Hillman Group, Inc. (The) 6.38%, 7/15/2022(a)		130		129
RBS Global, Inc. 4.88%, 12/15/2025(a)		2,525		2,576
SPX FLOW, Inc. 5.88%, 8/15/2026(a)		1,170		1,221
Vertical US Newco, Inc. (Germany) 5.25%, 7/15/2027(a)		2,085		2,189
Wabash National Corp. 5.50%, 10/1/2025(a)		660		673
Welbilt, Inc. 9.50%, 2/15/2024		295		303
				9,942
Marine — 0.1%
MV24 Capital BV (Brazil)
6.75%, 6/1/2034(a)		4,300		4,641
6.75%, 6/1/2034(f)		1,950		2,105
				6,746
Media — 2.3%
Altice Financing SA (Luxembourg) 7.50%, 5/15/2026(a)		7,710		8,134
AMC Networks, Inc.
5.00%, 4/1/2024		2,730		2,778
4.75%, 8/1/2025		1,785		1,837
Charter Communications Operating LLC
4.91%, 7/23/2025		30		35
6.38%, 10/23/2035		221		306
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		5,560		5,553
5.13%, 8/15/2027(a)		11,799		11,917
CSC Holdings LLC
6.75%, 11/15/2021		115		120
5.25%, 6/1/2024		1,168		1,265
5.50%, 4/15/2027(a)		400		422
5.38%, 2/1/2028(a)		1,210		1,284
6.50%, 2/1/2029(a)		7,600		8,495
Diamond Sports Group LLC 5.38%, 8/15/2026(a)		4,545		3,522
DISH DBS Corp.
6.75%, 6/1/2021		730		746
5.88%, 7/15/2022		1,830		1,922
5.00%, 3/15/2023		704		732
5.88%, 11/15/2024		27,658		29,415
7.75%, 7/1/2026		6,030		6,861
Entercom Media Corp.
7.25%, 11/1/2024(a)		2,875		2,760
6.50%, 5/1/2027(a)		1,123		1,088
Gray Television, Inc.
5.88%, 7/15/2026(a)		1,237		1,293
7.00%, 5/15/2027(a)		3,427		3,778
iHeartCommunications, Inc.
6.38%, 5/1/2026		3,253		3,445
8.38%, 5/1/2027		1,354		1,439
5.25%, 8/15/2027(a)		4,128		4,231
Lamar Media Corp.
5.75%, 2/1/2026		1,030		1,067
3.75%, 2/15/2028		710		717
4.00%, 2/15/2030		500		520
Liberty Interactive LLC
8.25%, 2/1/2030		275		302

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Meredith Corp. 6.88%, 2/1/2026		6,270		6,239
Midcontinent Communications 5.38%, 8/15/2027(a)		326		341
Nexstar Broadcasting, Inc.
5.63%, 7/15/2027(a)		5,683		6,060
4.75%, 11/1/2028(a)		4,304		4,429
Outfront Media Capital LLC 5.00%, 8/15/2027(a)		3,463		3,545
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		220		238
Sinclair Television Group, Inc.
5.63%, 8/1/2024(a)		890		907
5.88%, 3/15/2026(a)		184		186
5.13%, 2/15/2027(a)		3,210		3,154
Sirius XM Radio, Inc.
4.63%, 7/15/2024(a)		202		209
5.38%, 7/15/2026(a)		1,264		1,315
5.00%, 8/1/2027(a)		11,777		12,392
5.50%, 7/1/2029(a)		1,664		1,822
TEGNA, Inc.
4.63%, 3/15/2028(a)		1,360		1,384
5.00%, 9/15/2029		2,090		2,199
Telenet Finance Luxembourg Notes SARL (Belgium) 5.50%, 3/1/2028(a)		2,400		2,569
UPC Holding BV (Netherlands) 5.50%, 1/15/2028(a)		2,900		3,067
ViacomCBS, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057(e)		530		546
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(e)		509		564
Videotron Ltd. (Canada)
5.38%, 6/15/2024(a)		190		211
5.13%, 4/15/2027(a)		7,040		7,454
Ziggo Bond Co. BV (Netherlands) 6.00%, 1/15/2027(a)		1,050		1,105
Ziggo BV (Netherlands)
5.50%, 1/15/2027(a)		2,363		2,472
4.88%, 1/15/2030(a)		2,750		2,888
				171,280
Metals & Mining — 0.7%
Alcoa Nederland Holding BV
6.75%, 9/30/2024(a)		6,290		6,502
7.00%, 9/30/2026(a)		945		1,013
6.13%, 5/15/2028(a)		2,625		2,897
Allegheny Technologies, Inc. 7.88%, 8/15/2023(h)		135		146
ArcelorMittal SA (Luxembourg) 7.25%, 10/15/2039(h)		200		265
Arconic Corp. 6.13%, 2/15/2028(a)		3,434		3,726
Commercial Metals Co.
4.88%, 5/15/2023		40		42
5.38%, 7/15/2027		359		379
Constellium SE
6.63%, 3/1/2025(a)		2,610		2,692
5.88%, 2/15/2026(f)		2,150		2,212
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022(a)		59		61
5.13%, 3/15/2023(a)		165		174
5.13%, 5/15/2024(a)		174		188
4.50%, 9/15/2027(a)		1,830		2,006
Freeport-McMoRan, Inc.
4.13%, 3/1/2028		2,488		2,619
4.38%, 8/1/2028		2,060		2,201
4.25%, 3/1/2030		1,930		2,099
5.40%, 11/14/2034		98		121
5.45%, 3/15/2043		2,072		2,590
Glencore Finance Canada Ltd. (Switzerland) 6.00%, 11/15/2041(a)		685		856
Indonesia Asahan Aluminium Persero PT (Indonesia)
6.53%, 11/15/2028(f)		1,050		1,308
6.76%, 11/15/2048(f)		3,600		4,852
Kaiser Aluminum Corp. 4.63%, 3/1/2028(a)		3,750		3,867
Nexa Resources SA (Peru) 5.38%, 5/4/2027(f)		1,900		2,104
Novelis Corp.
5.88%, 9/30/2026(a)		3,762		3,945
4.75%, 1/30/2030(a)		1,620		1,720
Steel Dynamics, Inc. 5.00%, 12/15/2026		28		30
United States Steel Corp. 12.00%, 6/1/2025(a)		1,000		1,142
				51,757
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
Arbor Realty Trust, Inc. Series QIB, REIT, 4.50%, 3/15/2027(a)		20,000		18,685
Multiline Retail — 0.1%
Macy’s, Inc. 8.38%, 6/15/2025(a)		3,100		3,379
Nordstrom, Inc. 8.75%, 5/15/2025(a)		3,000		3,345
				6,724
Oil, Gas & Consumable Fuels — 4.0%
AI Candelaria Spain SLU (Spain) 7.50%, 12/15/2028(f)		5,300		5,936
Antero Midstream Partners LP
5.38%, 9/15/2024		4,290		4,047
5.75%, 3/1/2027(a)		675		615
5.75%, 1/15/2028(a)		695		626
Antero Resources Corp.
5.13%, 12/1/2022		7,592		7,212
5.63%, 6/1/2023		300		269
Apache Corp. 4.63%, 11/15/2025		2,304		2,395
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026(a)		3,495		3,285
Blue Racer Midstream LLC
6.13%, 11/15/2022(a)		7,705		7,704
6.63%, 7/15/2026(a)		905		851

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
BP Capital Markets plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025(d)(e)(g)		17,690		18,884
Buckeye Partners LP
4.15%, 7/1/2023		1,855		1,873
4.13%, 3/1/2025(a)		1,635		1,631
3.95%, 12/1/2026		2,260		2,218
4.13%, 12/1/2027		1,610		1,594
4.50%, 3/1/2028(a)		1,635		1,635
5.60%, 10/15/2044		900		830
Callon Petroleum Co.
6.25%, 4/15/2023		1,687		805
6.13%, 10/1/2024		294		126
6.38%, 7/1/2026		159		56
Cenovus Energy, Inc. (Canada) 5.38%, 7/15/2025		2,950		3,253
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		350		401
Cheniere Energy Partners LP
5.25%, 10/1/2025		3,038		3,118
5.63%, 10/1/2026		1,532		1,599
4.50%, 10/1/2029		4,715		4,913
Cheniere Energy, Inc. 4.63%, 10/15/2028(a)		4,180		4,332
Chesapeake Energy Corp. 11.50%, 1/1/2025(a)(i)		3,304		496
Comstock Resources, Inc.
7.50%, 5/15/2025(a)		1,100		1,097
9.75%, 8/15/2026		3,539		3,743
Continental Resources, Inc.
5.00%, 9/15/2022		1,000		1,002
4.50%, 4/15/2023		1,000		1,025
5.75%, 1/15/2031(a)		3,153		3,382
Crestwood Midstream Partners LP
6.25%, 4/1/2023(h)		340		342
5.75%, 4/1/2025		229		227
5.63%, 5/1/2027(a)		4,235		4,073
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.38%, 12/15/2022(d)(e)(g)		235		176
DCP Midstream Operating LP
3.88%, 3/15/2023		350		359
5.38%, 7/15/2025		4,290		4,628
6.75%, 9/15/2037(a)		124		129
5.60%, 4/1/2044		25		23
Delek Logistics Partners LP 6.75%, 5/15/2025		575		529
Diamondback Energy, Inc. 5.38%, 5/31/2025		1,390		1,447
Ecopetrol SA (Colombia) 5.88%, 5/28/2045		4,145		4,914
Energy Transfer Operating LP
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028(d)(e)(g)		223		183
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030(d)(e)(g)		11,705		11,102
5.30%, 4/15/2047		430		453
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022(d)(e)(g)		460		253
4.40%, 4/1/2024		374		360
4.15%, 6/1/2025		4,292		3,981
4.85%, 7/15/2026		1,215		1,124
EQM Midstream Partners LP
4.75%, 7/15/2023		880		898
6.00%, 7/1/2025(a)		1,990		2,119
Genesis Energy LP
6.00%, 5/15/2023		53		52
6.25%, 5/15/2026		455		416
7.75%, 2/1/2028		2,665		2,452
Gulfport Energy Corp.
6.63%, 5/1/2023(i)		3,075		1,855
6.00%, 10/15/2024(i)		6,189		3,729
6.38%, 1/15/2026(i)		27		16
Hilcorp Energy I LP
5.00%, 12/1/2024(a)		370		361
5.75%, 10/1/2025(a)		163		159
6.25%, 11/1/2028(a)		292		289
Leviathan Bond Ltd. (Israel)
6.13%, 6/30/2025(f)		2,490		2,664
6.50%, 6/30/2027(f)		2,700		2,975
6.75%, 6/30/2030(f)		1,553		1,700
Matador Resources Co. 5.88%, 9/15/2026		455		392
MEG Energy Corp. (Canada)
7.00%, 3/31/2024(a)		3,481		3,498
6.50%, 1/15/2025(a)		3,949		4,028
7.13%, 2/1/2027(a)		2,262		2,217
MPLX LP 4.50%, 4/15/2038		750		831
Murphy Oil Corp. 5.75%, 8/15/2025		2,680		2,519
NAK Naftogaz Ukraine via Kondor Finance plc (Ukraine) 7.63%, 11/8/2026(f)		4,700		4,747
NuStar Logistics LP
5.75%, 10/1/2025		1,257		1,323
6.00%, 6/1/2026		1,579		1,662
5.63%, 4/28/2027		336		345
6.38%, 10/1/2030		1,074		1,165
Occidental Petroleum Corp.
2.70%, 8/15/2022		371		366
8.00%, 7/15/2025		2,604		2,855
5.88%, 9/1/2025		1,225		1,237
3.40%, 4/15/2026		8,900		7,965
8.50%, 7/15/2027		2,762		3,052
6.38%, 9/1/2028		1,225		1,249
8.88%, 7/15/2030		3,112		3,513
6.63%, 9/1/2030		1,225		1,279
Oil and Gas Holding Co. BSCC (The) (Bahrain)

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
7.63%, 11/7/2024(f)		1,400		1,542
8.38%, 11/7/2028(f)		3,200		3,683
Parsley Energy LLC
5.38%, 1/15/2025(a)		1,140		1,174
5.25%, 8/15/2025(a)		2,500		2,594
PBF Holding Co. LLC 6.00%, 2/15/2028(a)		3,460		1,816
PBF Logistics LP 6.88%, 5/15/2023		195		187
Petroleos Mexicanos (Mexico)
6.88%, 8/4/2026		6,200		6,417
7.69%, 1/23/2050		1,900		1,748
6.95%, 1/28/2060		15,390		13,197
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022(d)(e)(g)		475		341
QEP Resources, Inc.
5.38%, 10/1/2022		135		123
5.25%, 5/1/2023		85		73
5.63%, 3/1/2026		79		56
Range Resources Corp. 5.00%, 3/15/2023		4,832		4,723
SM Energy Co.
6.13%, 11/15/2022		3,580		3,186
5.00%, 1/15/2024		38		25
6.75%, 9/15/2026		179		100
6.63%, 1/15/2027		2,778		1,562
Southern Gas Corridor CJSC (Azerbaijan) 6.88%, 3/24/2026(f)		3,200		3,845
Southwestern Energy Co.
6.45%, 1/23/2025(h)		2,165		2,214
7.50%, 4/1/2026		4,275		4,453
7.75%, 10/1/2027		160		169
State Oil Co. of the Azerbaijan Republic (Azerbaijan) 6.95%, 3/18/2030(f)		2,860		3,578
Summit Midstream Holdings LLC 5.75%, 4/15/2025		431		272
Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		740		776
Tallgrass Energy Partners LP
5.50%, 9/15/2024(a)		224		222
7.50%, 10/1/2025(a)		4,665		4,805
6.00%, 3/1/2027(a)		1,150		1,134
5.50%, 1/15/2028(a)		54		51
Targa Resources Partners LP
4.25%, 11/15/2023		175		176
5.13%, 2/1/2025		170		174
5.88%, 4/15/2026		7,125		7,499
5.38%, 2/1/2027		75		78
6.50%, 7/15/2027		3,016		3,265
5.00%, 1/15/2028		2,230		2,325
6.88%, 1/15/2029		2,240		2,511
4.88%, 2/1/2031(a)		2,025		2,154
TerraForm Power Operating LLC
4.25%, 1/31/2023(a)		255		263
5.00%, 1/31/2028(a)		172		192
Transcanada Trust (Canada) (ICE LIBOR USD 3 Month + 4.15%), 5.50%, 9/15/2079(e)		6,000		6,570
Trinidad Petroleum Holdings Ltd. (Trinidad and Tobago) 9.75%, 6/15/2026(a)		4,100		4,614
WPX Energy, Inc.
8.25%, 8/1/2023		1,521		1,734
5.75%, 6/1/2026		2,977		3,137
5.88%, 6/15/2028		1,000		1,077
				289,019
Personal Products — 0.1%
Edgewell Personal Care Co. 5.50%, 6/1/2028(a)		3,000		3,224
Prestige Brands, Inc. 6.38%, 3/1/2024(a)		3,750		3,843
				7,067
Pharmaceuticals — 1.0%
Advanz Pharma Corp. Ltd. (Canada) 8.00%, 9/6/2024		395		391
Bausch Health Americas, Inc.
9.25%, 4/1/2026(a)		10,452		11,604
8.50%, 1/31/2027(a)		4,349		4,784
Bausch Health Cos., Inc.
5.50%, 3/1/2023(a)		6		6
7.00%, 3/15/2024(a)		3,949		4,072
6.13%, 4/15/2025(a)		5,981		6,154
5.50%, 11/1/2025(a)		12,580		12,959
9.00%, 12/15/2025(a)		6,690		7,350
5.75%, 8/15/2027(a)		3,215		3,456
7.00%, 1/15/2028(a)		140		151
5.00%, 1/30/2028(a)		6,204		6,202
5.00%, 2/15/2029(a)		2,216		2,231
7.25%, 5/30/2029(a)		156		172
5.25%, 1/30/2030(a)		2,673		2,733
5.25%, 2/15/2031(a)		1,777		1,795
Catalent Pharma Solutions, Inc.
4.88%, 1/15/2026(a)		277		283
5.00%, 7/15/2027(a)		980		1,031
Elanco Animal Health, Inc. 5.90%, 8/28/2028(h)		1,000		1,174
Endo Dac
5.88%, 10/15/2024(a)		700		705
9.50%, 7/31/2027(a)		135		149
6.00%, 6/30/2028(a)		171		135
Mallinckrodt International Finance SA
5.63%, 10/15/2023(a)(i)		445		138
5.50%, 4/15/2025(a)(i)		225		70
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(a)		5,830		6,296
				74,041
Professional Services — 0.0%(c)
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026(a)		453		485
Road & Rail — 0.3%
Ashtead Capital, Inc. (United Kingdom)
4.13%, 8/15/2025(a)		2,000		2,060
4.38%, 8/15/2027(a)		500		526
4.00%, 5/1/2028(a)		2,630		2,762

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Avis Budget Car Rental LLC
6.38%, 4/1/2024(a)		1,015		1,035
5.25%, 3/15/2025(a)		3,436		3,410
10.50%, 5/15/2025(a)		1,000		1,168
5.75%, 7/15/2027(a)		648		649
Georgian Railway JSC (Georgia) 7.75%, 7/11/2022(f)		3,000		3,141
Hertz Corp. (The)
7.63%, 6/1/2022(a)(i)		443		425
6.25%, 10/15/2022(i)		185		81
5.50%, 10/15/2024(a)(i)		5,875		2,600
7.13%, 8/1/2026(a)(i)		2,755		1,247
6.00%, 1/15/2028(a)(i)		1,450		645
Prumo Participacoes e Investimentos S/A (Brazil)
7.50%, 12/31/2031(f)		2,905		3,156
7.50%, 12/31/2031(a)		1,251		1,359
				24,264
Semiconductors & Semiconductor Equipment — 0.2%
Amkor Technology, Inc. 6.63%, 9/15/2027(a)		788		855
Broadcom Corp. 3.50%, 1/15/2028		870		958
Entegris, Inc. 4.63%, 2/10/2026(a)		3,955		4,074
ON Semiconductor Corp. 3.88%, 9/1/2028(a)		1,000		1,030
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)		5,275		5,473
				12,390
Software — 0.2%
ACI Worldwide, Inc. 5.75%, 8/15/2026(a)		605		642
Ascend Learning LLC 6.88%, 8/1/2025(a)		1,350		1,390
CDK Global, Inc.
4.88%, 6/1/2027		2,890		3,042
5.25%, 5/15/2029(a)		1,639		1,799
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024(a)		445		468
Nuance Communications, Inc. 5.63%, 12/15/2026		2,684		2,836
Open Text Corp. (Canada)
5.88%, 6/1/2026(a)		508		530
3.88%, 2/15/2028(a)		1,235		1,275
SS&C Technologies, Inc. 5.50%, 9/30/2027(a)		4,174		4,466
				16,448
Specialty Retail — 0.6%
eG Global Finance plc (United Kingdom) 6.75%, 2/7/2025(a)		2,500		2,588
Gap, Inc. (The) 8.88%, 5/15/2027(a)		2,730		3,167
L Brands, Inc.
5.25%, 2/1/2028		57		59
7.50%, 6/15/2029		1,254		1,383
6.75%, 7/1/2036		4,435		4,785
Penske Automotive Group, Inc. 5.50%, 5/15/2026		3,335		3,468
PetSmart, Inc.
7.13%, 3/15/2023(a)		5,880		5,806
5.88%, 6/1/2025(a)		8,281		8,377
Staples, Inc.
7.50%, 4/15/2026(a)		8,935		9,002
10.75%, 4/15/2027(a)		3,080		2,895
				41,530
Technology Hardware, Storage & Peripherals — 0.3%
Dell International LLC
5.88%, 6/15/2021(a)		99		99
7.13%, 6/15/2024(a)		247		256
6.02%, 6/15/2026(a)		4,170		5,062
EMC Corp. 3.38%, 6/1/2023		2,695		2,783
NCR Corp.
5.75%, 9/1/2027(a)		3,770		3,968
5.00%, 10/1/2028(a)		1,929		1,996
6.13%, 9/1/2029(a)		3,491		3,785
Western Digital Corp. 4.75%, 2/15/2026		3,068		3,351
				21,300
Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc. 4.63%, 5/15/2024(a)		35		37
William Carter Co. (The) 5.63%, 3/15/2027(a)		3,510		3,698
				3,735
Thrifts & Mortgage Finance — 0.1%
Nationstar Mortgage Holdings, Inc. 9.13%, 7/15/2026(a)		440		473
Quicken Loans LLC
5.25%, 1/15/2028(a)		3,082		3,267
3.63%, 3/1/2029(a)		1,088		1,081
3.88%, 3/1/2031(a)		718		727
				5,548
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom)
3.46%, 9/6/2029		11,930		13,073
4.39%, 8/15/2037		1,230		1,386
4.54%, 8/15/2047		910		1,025
Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045		1,360		1,738
				17,222
Trading Companies & Distributors — 0.5%
Ahern Rentals, Inc. 7.38%, 5/15/2023(a)		835		578
Aviation Capital Group LLC 5.50%, 12/15/2024(a)		2,710		2,901
Beacon Roofing Supply, Inc. 4.88%, 11/1/2025(a)		2,875		2,914
H&E Equipment Services, Inc. 5.63%, 9/1/2025		2,690		2,812
Herc Holdings, Inc. 5.50%, 7/15/2027(a)		5,058		5,330

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
United Rentals North America, Inc.
5.88%, 9/15/2026		2,705		2,861
5.50%, 5/15/2027		5,925		6,373
3.88%, 11/15/2027		885		927
4.88%, 1/15/2028		4,625		4,937
3.88%, 2/15/2031		2,067		2,160
WESCO Distribution, Inc.
5.38%, 6/15/2024		245		251
7.13%, 6/15/2025(a)		4,500		4,899
7.25%, 6/15/2028(a)		500		562
				37,505
Wireless Telecommunication Services — 1.3%
C&W Senior Financing DAC (Ireland) 6.88%, 9/15/2027(a)		2,620		2,825
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		2,620		2,891
6.63%, 8/1/2026		1,919		2,135
Millicom International Cellular SA (Colombia) 5.13%, 1/15/2028(f)		2,600		2,779
Sprint Corp.
7.25%, 9/15/2021		115		120
7.88%, 9/15/2023		2,582		2,976
7.13%, 6/15/2024		7,672		8,928
7.63%, 2/15/2025		6,959		8,333
7.63%, 3/1/2026		24,132		30,008
T-Mobile USA, Inc.
6.00%, 3/1/2023		200		200
3.50%, 4/15/2025(a)		1,990		2,201
5.13%, 4/15/2025		75		77
6.50%, 1/15/2026		10,415		10,823
4.50%, 2/1/2026		3,656		3,755
3.75%, 4/15/2027(a)		1,995		2,259
4.75%, 2/1/2028		7,101		7,625
3.88%, 4/15/2030(a)		1,995		2,288
United States Cellular Corp. 6.70%, 12/15/2033		790		1,035
Vodafone Group plc (United Kingdom)
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079(e)		3,300		4,056
				95,314
TOTAL CORPORATE BONDS (Cost $2,133,945)				2,168,792
COMMERCIAL MORTGAGE-BACKED SECURITIES — 25.9%
20 Times Square Trust
Series 2018-20TS, Class F, 3.20%, 5/15/2035‡(a)(j)		600		557
BAMLL Re-REMIC Trust
Series 2013-FRR3, Class A, PO, 6/26/2023(a)		7,500		6,472
Banc of America Commercial Mortgage Trust
Series 2007-5, Class AJ, 6.02%, 2/10/2051(j)		192		202
Bancorp Commercial Mortgage Trust
Series 2019-CRE5, Class D, 2.49%, 3/15/2036‡(a)(j)		1,000		930
BANK
Series 2019-BN17, Class E, 3.00%, 4/15/2052(a)		2,500		2,117
Series 2019-BN21, Class XA, IO, 0.99%, 10/17/2052(j)		125,705		7,925
Series 2019-BN21, Class E, 2.50%, 10/17/2052(a)		3,000		2,357
Series 2019-BN23, Class XA, IO, 0.82%, 12/15/2052(j)		38,972		2,114
Series 2019-BN23, Class E, 2.50%, 12/15/2052‡(a)		3,000		2,309
Series 2020-BN29, Class D, 2.50%, 11/15/2053(a)		5,000		4,452
Series 2020-BN29, Class E, 2.50%, 11/15/2053(a)		3,500		2,776
Series 2017-BNK9, Class D, 2.80%, 11/15/2054‡(a)		2,149		1,718
Series 2017-BNK5, Class C, 4.40%, 6/15/2060(j)		2,050		2,156
Series 2017-BNK7, Class D, 2.71%, 9/15/2060‡(a)		1,000		799
Series 2018-BN12, Class D, 3.00%, 5/15/2061‡(a)		1,250		860
Series 2019-BN19, Class XA, IO, 1.09%, 8/15/2061(j)		22,233		1,514
Series 2019-BN20, Class XA, IO, 0.96%, 9/15/2062(j)		55,192		3,321
Series 2019-BN20, Class D, 2.50%, 9/15/2062(a)		4,921		4,361
Series 2019-BN24, Class XA, IO, 0.77%, 11/15/2062(j)		100,480		5,090
Series 2019-BN24, Class D, 2.50%, 11/15/2062(a)		7,380		6,651
Series 2020-BN25, Class XA, IO, 1.00%, 1/15/2063(j)		81,478		5,544
Series 2020-BN25, Class D, 2.50%, 1/15/2063(a)		5,000		4,436
Series 2020-BN25, Class E, 2.50%, 1/15/2063‡(a)		4,250		3,377
Series 2020-BN26, Class D, 2.50%, 3/15/2063(a)		3,250		2,791
Barclays Commercial Mortgage Trust
Series 2019-C4, Class D, 3.25%, 8/15/2052‡(a)		3,410		2,780
Series 2019-C5, Class XA, IO, 1.02%, 11/15/2052(j)		96,406		5,605
BBCMS Mortgage Trust
Series 2018-TALL, Class E, 2.58%, 3/15/2037‡(a)(j)		6,000		5,306
Benchmark Mortgage Trust
Series 2018-B1, Class C, 4.25%, 1/15/2051(j)		1,000		1,060
Series 2018-B5, Class C, 4.76%, 7/15/2051(j)		3,500		3,651
Series 2019-B11, Class D, 3.00%, 5/15/2052‡(a)		1,900		1,606

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
BX Commercial Mortgage Trust
Series 2020-VIV3, Class B, 3.54%, 3/9/2044(a)(j)		19,350		19,586
Series 2020-VIV2, Class C, 3.66%, 3/9/2044(a)(j)		20,175		19,642
Series 2020-VIVA, Class D, 3.67%, 3/9/2044(a)(j)		5,000		4,697
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class G, 3.39%, 12/15/2037‡(a)(j)		1,000		954
CD Mortgage Trust
Series 2016-CD1, Class C, 3.63%, 8/10/2049(j)		3,000		2,846
Series 2017-CD3, Class D, 3.25%, 2/10/2050‡(a)		700		544
Series 2017-CD5, Class D, 3.35%, 8/15/2050‡(a)		266		187
CFCRE Commercial Mortgage Trust
Series 2016-C6, Class B, 3.80%, 11/10/2049		1,000		1,050
Series 2016-C6, Class C, 4.34%, 11/10/2049‡(j)		800		767
Series 2016-C6, Class D, 4.34%, 11/10/2049‡(a)(j)		1,900		1,508
CGMS Commercial Mortgage Trust
Series 2017-B1, Class D, 3.00%, 8/15/2050‡(a)		4,359		3,636
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.90%, 1/10/2036‡(a)(j)		790		813
Series 2019-PRM, Class E, 4.89%, 5/10/2036‡(a)(j)		4,500		4,592
Series 2012-GC8, Class D, 5.04%, 9/10/2045‡(a)(j)		1,875		1,591
Series 2013-GC17, Class C, 5.26%, 11/10/2046(j)		2,000		2,017
Series 2015-GC29, Class D, 3.11%, 4/10/2048(a)		4,500		4,028
Series 2015-GC31, Class D, 4.19%, 6/10/2048‡(j)		3,800		3,502
Series 2015-P1, Class D, 3.23%, 9/15/2048‡(a)		2,285		1,814
Series 2016-P4, Class C, 4.13%, 7/10/2049(j)		2,017		1,867
Series 2016-C2, Class C, 4.03%, 8/10/2049(j)		7,434		7,229
Series 2017-P7, Class D, 3.25%, 4/14/2050‡(a)		1,294		1,072
Series 2017-C4, Class D, 3.00%, 10/12/2050‡(a)		2,953		2,416
Series 2020-GC46, Class XA, IO, 1.11%, 2/15/2053(j)		165,825		11,967
Series 2019-GC41, Class E, 3.00%, 8/10/2056‡(a)		5,000		3,951
Series 2015-GC33, Class D, 3.17%, 9/10/2058‡		8,000		6,046
Series 2015-GC33, Class E, 4.72%, 9/10/2058‡(a)(j)		4,330		2,674
COMM Mortgage Trust
Series 2016-COR1, Class C, 4.53%, 10/10/2049(j)		1,000		1,016
Commercial Mortgage Trust
Series 2020-CBM, Class D, 3.75%, 2/10/2037‡(a)(j)		1,630		1,549
Series 2020-CBM, Class E, 3.75%, 2/10/2037‡(a)(j)		2,670		2,364
Series 2020-CBM, Class F, 3.75%, 2/10/2037‡(a)(j)		17,870		14,926
Series 2013-CR8, Class D, 4.08%, 6/10/2046‡(a)(j)		750		751
Series 2013-CR13, Class E, 5.05%, 11/10/2046‡(a)(j)		1,500		943
Series 2014-UBS2, Class D, 5.16%, 3/10/2047‡(a)(j)		3,210		2,774
Series 2014-CR19, Class E, 4.37%, 8/10/2047‡(a)(j)		6,000		3,627
Series 2014-CR19, Class D, 4.87%, 8/10/2047(a)(j)		2,500		2,299
Series 2014-UBS5, Class D, 3.50%, 9/10/2047‡(a)		3,760		2,520
Series 2014-LC17, Class D, 3.69%, 10/10/2047‡(a)		2,000		1,827
Series 2014-CR20, Class E, 3.22%, 11/10/2047‡(a)		1,000		623
Series 2014-CR20, Class D, 3.22%, 11/10/2047(a)		7,010		5,258
Series 2014-CR21, Class D, 4.07%, 12/10/2047‡(a)(j)		2,600		1,940
Series 2015-LC19, Class D, 2.87%, 2/10/2048‡(a)		1,000		924
Series 2015-CR22, Class D, 4.24%, 3/10/2048‡(a)(j)		4,174		3,938
Series 2015-CR23, Class D, 4.43%, 5/10/2048‡(j)		1,490		1,320
Series 2015-LC21, Class E, 3.25%, 7/10/2048‡(a)		3,000		1,399
Series 2015-LC21, Class D, 4.48%, 7/10/2048‡(j)		4,200		3,497
Series 2016-CR28, Class E, 4.29%, 2/10/2049‡(a)(j)		3,588		2,796
Series 2013-CR11, Class D, 5.29%, 8/10/2050‡(a)(j)		3,402		2,952
Series 2018-COR3, Class D, 2.96%, 5/10/2051(a)(j)		3,250		2,489
Series 2019-GC44, Class E, 2.50%, 8/15/2057(a)		3,493		2,612
Credit Suisse Commercial Mortgage Trust
Series 2007-C1, Class AM, 5.42%, 2/15/2040		1		1
Credit Suisse Mortgage Capital Certificates
Series 2019-ICE4, Class B, 1.37%, 5/15/2036‡(a)(j)		4,400		4,395
CSAIL Commercial Mortgage Trust
Series 2016-C5, Class D, 3.73%, 11/15/2048‡(a)(j)		2,750		2,130
Series 2019-C16, Class C, 4.24%, 6/15/2052‡(j)		2,500		2,490

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019-C18, Class XA, IO, 1.21%, 12/15/2052(j)		53,296		3,666
Series 2019-C18, Class E, 2.50%, 12/15/2052‡(a)		6,515		4,756
Series 2019-C18, Class C, 4.08%, 12/15/2052‡(j)		4,327		4,228
Series 2015-C2, Class B, 4.21%, 6/15/2057(j)		10,000		9,580
DBJPM Mortgage Trust
Series 2016-C3, Class D, 3.63%, 8/10/2049(a)(j)		2,950		2,275
Series 2017-C6, Class D, 3.38%, 6/10/2050‡(a)(j)		1,800		1,598
FHLMC Multiclass Certificates
Series 2020-RR06, Class AX, IO, 1.88%, 10/27/2028(j)		50,000		6,083
Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029		38,620		5,583
Series 2020-RR06, Class BX, IO, 1.84%, 5/27/2033(j)		20,000		3,171
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K016, Class X1, IO, 1.64%, 10/25/2021(j)		15,031		96
Series K721, Class X1, IO, 0.43%, 8/25/2022(j)		63,168		309
Series K033, Class X1, IO, 0.41%, 7/25/2023(j)		6,557		45
Series K729, Class X1, IO, 0.49%, 10/25/2024(j)		18,501		213
Series KC03, Class X1, IO, 0.63%, 11/25/2024(j)		99,942		1,678
Series K731, Class X3, IO, 2.18%, 5/25/2025(j)		11,529		922
Series K733, Class X3, IO, 2.26%, 1/25/2026(j)		17,500		1,624
Series KC06, Class X1, IO, 1.03%, 6/25/2026(j)		39,727		1,360
Series K736, Class X1, IO, 1.44%, 7/25/2026(j)		91,963		5,636
Series K734, Class X3, IO, 2.24%, 7/25/2026(j)		26,250		2,645
Series K737, Class X1, IO, 0.75%, 10/25/2026(j)		138,150		4,524
Series KC04, Class X1, IO, 1.41%, 12/25/2026(j)		47,998		2,641
Series K738, Class X1, IO, 1.63%, 1/25/2027(j)		44,643		3,595
Series K064, Class X3, IO, 2.21%, 5/25/2027(j)		18,830		2,176
Series KC05, Class X1, IO, 1.34%, 6/25/2027(j)		107,414		6,115
Series K740, Class X1, IO, 0.76%, 9/25/2027(j)		15,000		685
Series K075, Class X3, IO, 2.20%, 5/25/2028(j)		5,471		715
Series K078, Class X3, IO, 2.29%, 10/25/2028(j)		2,680		371
Series K082, Class X3, IO, 2.29%, 10/25/2028(j)		27,200		3,845
Series K086, Class X1, IO, 0.39%, 11/25/2028(j)		31,241		606
Series K084, Class X3, IO, 2.31%, 11/25/2028(j)		19,450		2,834
Series K090, Class X1, IO, 0.85%, 2/25/2029(j)		32,065		1,720
Series K094, Class X1, IO, 1.02%, 6/25/2029(j)		32,941		2,159
Series K095, Class X1, IO, 1.08%, 6/25/2029(j)		51,785		3,630
Series K097, Class X1, IO, 1.22%, 7/25/2029(j)		74,281		6,134
Series K096, Class X3, IO, 2.11%, 7/25/2029(j)		48,669		6,889
Series K101, Class X3, IO, 1.95%, 10/25/2029(j)		35,000		4,747
Series K090, Class X3, IO, 2.39%, 10/25/2029(j)		152,080		24,703
Series K103, Class X1, IO, 0.76%, 11/25/2029(j)		120,923		6,101
Series K104, Class X1, IO, 1.25%, 1/25/2030(j)		77,099		6,712
Series K109, Class X1, IO, 1.70%, 4/25/2030(j)		17,989		2,234
Series K111, Class X1, IO, 1.68%, 5/25/2030(j)		19,987		2,515
Series K114, Class X1, IO, 1.21%, 6/25/2030(j)		9,996		913
Series K113, Class X1, IO, 1.49%, 6/25/2030(j)		118,998		13,293
Series K105, Class X3, IO, 2.04%, 6/25/2030(j)		87,696		12,853
Series K117, Class X1, IO, 1.34%, 8/25/2030(j)		72,679		7,070
Series KX04, Class XFX, IO, 1.86%, 1/25/2034(j)		94,933		10,734
Series K-1511, Class X3, IO, 3.54%, 4/25/2034(j)		30,261		9,241
Series K723, Class X3, IO, 1.98%, 10/25/2034(j)		6,850		332
Series K-1515, Class X1, IO, 1.64%, 2/25/2035(j)		19,994		3,191
Series K153, Class X3, IO, 3.90%, 4/25/2035(j)		4,450		1,335
Series K-1516, Class X1, IO, 1.63%, 5/25/2035(j)		41,967		6,995
Series Q012, Class X, IO, 4.24%, 9/25/2035(j)		37,886		9,994
Series K155, Class X3, IO, 3.23%, 5/25/2036(j)		5,560		1,498
Series K-1510, Class X3, IO, 3.52%, 1/25/2037(j)		24,400		7,311
Series K-1517, Class X3, IO, 3.39%, 8/25/2038(j)		15,750		5,010
Series K-1518, Class X3, IO, 2.91%, 10/25/2038(j)		26,265		7,548
Series K-1516, Class X3, IO, 3.57%, 10/25/2038(j)		22,000		7,380
Series K036, Class X3, IO, 2.18%, 12/25/2041(j)		3,253		191

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series K720, Class X3, IO, 1.38%, 8/25/2042(j)		16,800		300
Series K721, Class X3, IO, 1.34%, 11/25/2042(j)		12,550		277
Series K041, Class X3, IO, 1.70%, 11/25/2042(j)		4,580		262
Series K718, Class X3, IO, 1.48%, 2/25/2043(j)		6,035		80
Series K054, Class X3, IO, 1.65%, 4/25/2043(j)		2,745		199
Series K047, Class X3, IO, 1.55%, 6/25/2043(j)		3,400		200
Series K050, Class X3, IO, 1.61%, 10/25/2043(j)		5,232		340
Series K051, Class X3, IO, 1.67%, 10/25/2043(j)		4,995		343
Series K052, Class X3, IO, 1.67%, 1/25/2044(j)		2,915		208
Series K726, Class X3, IO, 2.21%, 7/25/2044(j)		21,130		1,364
Series K067, Class X3, IO, 2.19%, 9/25/2044(j)		8,580		1,031
Series K727, Class X3, IO, 2.07%, 10/25/2044(j)		15,000		999
Series K068, Class X3, IO, 2.13%, 10/25/2044(j)		19,730		2,324
Series K059, Class X3, IO, 1.98%, 11/25/2044(j)		8,000		774
Series K729, Class X3, IO, 2.04%, 11/25/2044(j)		21,410		1,462
Series K724, Class X3, IO, 1.93%, 12/25/2044(j)		4,930		257
Series K070, Class X3, IO, 2.11%, 12/25/2044(j)		42,245		5,077
Series K730, Class X3, IO, 2.10%, 2/25/2045(j)		47,270		3,501
Series K065, Class X3, IO, 2.26%, 7/25/2045(j)		13,305		1,594
Series K071, Class X3, IO, 2.08%, 11/25/2045(j)		12,470		1,476
Series K072, Class X3, IO, 2.21%, 12/25/2045(j)		20,640		2,610
Series K089, Class X3, IO, 2.37%, 1/25/2046(j)		118,641		18,383
Series K087, Class X3, IO, 2.39%, 1/25/2046(j)		59,464		9,057
Series K079, Class X3, IO, 2.33%, 7/25/2046(j)		9,000		1,289
Series K097, Class X3, IO, 2.09%, 9/25/2046(j)		51,390		7,321
Series K081, Class X3, IO, 2.31%, 9/25/2046(j)		29,425		4,239
Series K103, Class X3, IO, 1.91%, 12/25/2046(j)		80,100		10,677
Series K102, Class X3, IO, 1.96%, 12/25/2046(j)		24,011		3,307
Series K104, Class X3, IO, 1.96%, 2/25/2047(j)		25,300		3,560
Series K088, Class X3, IO, 2.42%, 2/25/2047(j)		87,597		14,082
Series K735, Class X3, IO, 2.23%, 5/25/2047(j)		40,000		4,109
Series K093, Class X3, IO, 2.28%, 5/25/2047(j)		50,764		7,712
Series K092, Class X3, IO, 2.32%, 5/25/2047(j)		59,103		9,252
Series K094, Class X3, IO, 2.20%, 7/25/2047(j)		19,360		2,884
Series K095, Class X3, IO, 2.17%, 8/25/2047(j)		66,697		9,802
Series K736, Class X3, IO, 2.08%, 9/25/2047(j)		83,580		8,233
Series K099, Class X3, IO, 2.02%, 10/25/2047(j)		49,100		6,797
Series K098, Class X3, IO, 2.07%, 10/25/2047(j)		95,472		13,343
Series K737, Class X3, IO, 1.83%, 1/25/2048(j)		74,853		6,894
Series K111, Class X3, IO, 3.29%, 4/25/2048(j)		16,505		3,977
Series K108, Class X3, IO, 3.61%, 4/25/2048(j)		75,067		19,187
Series K738, Class X3, IO, 3.43%, 5/25/2048(j)		71,537		12,615
Series K112, Class X3, IO, 3.10%, 7/25/2048(j)		21,670		4,937
Series K114, Class X3, IO, 2.83%, 8/25/2048(j)		10,750		2,222
Series K115, Class X3, IO, 3.06%, 9/25/2048(j)		19,533		4,394
Series K117, Class X3, IO, 2.97%, 10/25/2048(j)		36,500		8,036
Series K739, Class X3, IO, 2.85%, 11/25/2048(j)		39,675		6,445
Series Q014, Class X, IO, 2.80%, 10/25/2055(j)		5,792		1,282
FNMA ACES
Series 2015-M1, Class X2, IO, 0.59%, 9/25/2024(j)		27,435		646
Series 2016-M12, Class X2, IO, 0.08%, 9/25/2026(j)		134,570		920
Series 2019-M28, Class XAV3, IO, 1.22%, 2/25/2027(j)		36,564		1,867
Series 2017-M8, Class X, IO, 0.22%, 5/25/2027(j)		57,876		1,072
Series 2020-M33, Class X, IO, 2.06%, 6/25/2028(j)		43,322		4,551
Series 2019-M30, Class X4, IO, 1.08%, 8/25/2028(j)		49,917		2,352
Series 2020-M10, Class X6, IO, 1.50%, 8/25/2028(j)		37,000		3,444
Series 2019-M31, Class X, IO, 0.99%, 9/25/2028(j)		57,477		4,249
Series 2019-M30, Class X1, IO, 0.44%, 11/25/2028(j)		84,634		1,696
Series 2020-M10, Class X3, IO, 1.44%, 11/25/2028(j)		68,659		5,593
Series 2020-M10, Class X5, IO, 1.55%, 11/25/2028(j)		59,900		5,872

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019-M32, Class X2, IO, 1.19%, 10/25/2029(j)		29,302		2,343
Series 2019-M30, Class X2, IO, 0.30%, 12/25/2029(j)		127,832		1,889
Series 2020-M19, Class X1, IO, 0.52%, 5/25/2030(j)		29,922		956
Series 2020-M7, Class X, IO, 1.17%, 7/25/2030(j)		37,676		2,883
Series 2019-M21, Class X2, IO, 1.46%, 2/25/2031(j)		16,880		1,825
Series 2020-M39, Class X2, IO, 1.73%, 8/25/2031(j)		47,408		5,502
Series 2020-M15, Class X1, IO, 1.69%, 9/25/2031(j)		26,392		2,677
Series 2020-M21, Class XA, IO, 1.20%, 3/25/2032(j)		82,420		7,631
Series 2020-M26, Class X1, IO, 0.81%, 4/25/2032(j)		29,952		1,917
Series 2019-M30, Class X5, IO, 0.46%, 5/25/2033(j)		198,564		5,024
Series 2019-M31, Class X1, IO, 1.20%, 4/25/2034(j)		40,695		4,303
Series 2018-M15, Class X, IO, 0.83%, 1/25/2036(j)		9,256		514
Series 2020-M6, Class XL, IO, 1.23%, 11/25/2049(j)		33,472		2,690
FNMA, Multifamily REMIC Trust
Series 2020-M37, Class X, IO, 1.23%, 4/25/2032(j)		108,821		8,916
Series 2020-M31, Class X1, IO, 0.97%, 10/25/2032(j)		99,894		5,365
FREMF Mortgage Trust
Series 2017-KF29, Class B, 3.69%, 2/25/2024(a)(j)		177		174
Series 2017-KF32, Class B, 2.69%, 5/25/2024(a)(j)		242		231
Series 2017-KF35, Class B, 2.89%, 8/25/2024(a)(j)		146		143
Series 2017-KF38, Class B, 2.64%, 9/25/2024(a)(j)		401		388
Series 2017-KF41, Class B, 2.64%, 11/25/2024(a)(j)		163		158
Series 2018-KL2B, Class CB, 3.83%, 1/25/2025(a)(j)		15,000		14,302
Series 2018-KF49, Class B, 2.04%, 6/25/2025(a)(j)		445		424
Series 2018-KC02, Class B, 4.22%, 7/25/2025(a)(j)		2,520		2,550
Series 2018-KF53, Class B, 2.19%, 10/25/2025(j)		1,355		1,286
Series 2018-KSL1, Class C, 3.96%, 11/25/2025(a)(j)		15,000		14,323
Series 2019-KF58, Class B, 2.29%, 1/25/2026(a)(j)		723		705
Series 2019-KC03, Class B, 4.51%, 1/25/2026(a)(j)		5,000		5,154
Series 2019-K735, Class C, 4.16%, 5/25/2026(a)(j)		4,774		5,055
Series 2019-KC06, Class B, 3.95%, 9/25/2026(a)(j)		7,609		7,380
Series 2016-KF24, Class B, 5.14%, 10/25/2026(a)(j)		103		104
Series 2020-KF74, Class B, 2.29%, 1/25/2027(a)(j)		4,719		4,564
Series 2017-KF33, Class B, 2.69%, 6/25/2027(a)(j)		4,183		3,972
Series 2017-KF40, Class B, 2.84%, 11/25/2027(a)(j)		196		188
Series 2018-KHG1, Class C, 3.94%, 12/25/2027(a)(j)		10,000		9,011
Series 2018-KF50, Class B, 2.04%, 7/25/2028(a)(j)		310		296
Series 2018-KF56, Class B, 2.59%, 11/25/2028(a)(j)		921		880
Series 2019-KF57, Class B, 2.39%, 1/25/2029(a)(j)		3,848		3,687
Series 2019-KW08, Class B, 4.39%, 1/25/2029(a)(j)		10,000		10,018
Series 2019-KF59, Class B, 2.49%, 2/25/2029(a)(j)		955		896
Series 2019-KF61, Class B, 2.34%, 4/25/2029(a)(j)		4,664		4,451
Series 2019-KG01, Class B, 4.31%, 4/25/2029(a)(j)		3,000		3,074
Series 2019-KF63, Class B, 2.49%, 5/25/2029(a)(j)		7,670		7,235
Series 2019-KW09, Class B, 4.15%, 5/25/2029(a)(j)		12,670		12,818
Series 2019-KF65, Class B, 2.54%, 7/25/2029(a)(j)		8,400		7,951
Series 2019-KF66, Class B, 2.54%, 7/25/2029(a)(j)		4,623		4,509
Series 2019-KC05, Class B, 4.29%, 7/25/2029(a)(j)		16,737		16,543
Series 2019-KF67, Class B, 2.39%, 8/25/2029(a)(j)		5,000		4,672
Series 2019-KF70, Class B, 2.44%, 9/25/2029(a)(j)		2,763		2,667
Series 2019-KF71, Class B, 2.44%, 10/25/2029(a)(j)		5,194		4,868
Series 2019-KF73, Class B, 2.59%, 11/25/2029(a)(j)		12,268		11,911
Series 2020-KF75, Class B, 2.39%, 12/25/2029(a)(j)		7,000		6,679
Series 2020-KF76, Class B, 2.89%, 1/25/2030(a)(j)		3,500		3,449
Series 2016-K53, Class B, 4.16%, 3/25/2049(a)(j)		69		76
Series 2017-K67, Class B, 4.08%, 9/25/2049(a)(j)		145		162
Series 2017-K67, Class C, 4.08%, 9/25/2049(a)(j)		2,010		2,136
Series 2017-K728, Class B, 3.76%, 11/25/2050(a)(j)		250		268
Series 2017-K728, Class C, 3.76%, 11/25/2050(a)(j)		105		109
Series 2019-K89, Class C, 4.43%, 1/25/2051(a)(j)		9,000		9,686
Series 2019-K87, Class C, 4.47%, 1/25/2051(a)(j)		4,250		4,582

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019-K734, Class C, 4.19%, 2/25/2051(a)(j)		4,150		4,397
Series 2019-K97, Class C, 3.89%, 9/25/2051(a)(j)		2,000		2,090
Series 2019-K103, Class B, 3.57%, 12/25/2051(a)(j)		2,303		2,470
Series 2019-K103, Class C, 3.57%, 12/25/2051(a)(j)		10,158		10,170
Series 2019-K102, Class B, 3.65%, 12/25/2051(a)(j)		7,932		8,652
Series 2019-K102, Class C, 3.65%, 12/25/2051(a)(j)		9,100		9,313
Series 2020-K104, Class C, 3.66%, 2/25/2052(a)(j)		13,102		13,295
Series 2019-K90, Class C, 4.46%, 2/25/2052(a)(j)		2,000		2,157
Series 2019-K88, Class C, 4.53%, 2/25/2052(a)(j)		6,700		7,244
Series 2019-K93, Class C, 4.26%, 5/25/2052(a)(j)		10,500		11,147
Series 2019-K92, Class C, 4.34%, 5/25/2052(a)(j)		7,000		7,514
Series 2019-K94, Class C, 4.10%, 7/25/2052(a)(j)		11,590		11,996
Series 2019-K95, Class C, 4.05%, 8/25/2052(a)(j)		8,250		8,595
Series 2019-K98, Class C, 3.86%, 10/25/2052(a)(j)		6,000		6,284
Series 2019-K100, Class B, 3.61%, 11/25/2052(a)(j)		5,188		5,642
Series 2019-K100, Class C, 3.61%, 11/25/2052(a)(j)		10,000		10,161
Series 2020-K737, Class B, 3.41%, 1/25/2053(a)(j)		3,750		4,057
Series 2020-K737, Class C, 3.41%, 1/25/2053(a)(j)		6,000		6,118
Series 2020-K105, Class B, 3.53%, 3/25/2053(a)(j)		13,250		14,187
Series 2020-K105, Class C, 3.53%, 3/25/2053(a)(j)		13,000		12,923
FRR Re-REMIC Trust
Series 2018-C1, Class BK43, 2.88%, 2/27/2048‡(a)(j)		6,013		5,021
Series 2018-C1, Class A725, 2.76%, 2/27/2050(a)		1,000		874
Series 2018-C1, Class B725, 3.08%, 2/27/2050‡(a)(j)		2,225		1,908
GNMA
Series 2012-88, Class DI, IO, 0.55%, 8/16/2046(j)		33,469		559
Series 2013-72, IO, 0.45%, 11/16/2047(j)		128,471		2,639
Series 2014-172, IO, 0.71%, 1/16/2049(j)		40,446		1,251
Series 2012-44, IO, 0.11%, 3/16/2049(j)		6,638		31
Series 2015-48, IO, 0.60%, 2/16/2050(j)		3,291		108
Series 2013-15, IO, 0.54%, 8/16/2051(j)		9,500		209
Series 2013-80, IO, 0.68%, 3/16/2052(j)		22,311		604
Series 2015-86, IO, 0.62%, 5/16/2052(j)		24,267		752
Series 2013-7, IO, 0.33%, 5/16/2053(j)		79,661		1,212
Series 2012-89, IO, 0.43%, 12/16/2053(j)		16,374		203
Series 2012-115, IO, 0.43%, 4/16/2054(j)		45,566		1,017
Series 2014-124, Class IE, IO, 0.71%, 5/16/2054(j)		20,393		601
Series 2013-48, IO, 0.60%, 7/16/2054(j)		8,513		253
Series 2014-186, IO, 0.69%, 8/16/2054(j)		5,843		192
Series 2014-130, Class IB, IO, 0.76%, 8/16/2054(j)		1,106		29
Series 2013-194, IO, 0.62%, 9/16/2054(j)		18,133		410
Series 2015-93, IO, 0.65%, 11/16/2054(j)		31,892		920
Series 2013-179, IO, 0.35%, 1/16/2055(j)		48,298		464
Series 2013-178, IO, 0.42%, 6/16/2055(j)		40,488		779
Series 2016-102, IO, 0.69%, 10/16/2055(j)		28,127		1,088
Series 2015-33, IO, 0.68%, 2/16/2056(j)		31,053		1,190
Series 2015-59, IO, 0.92%, 6/16/2056(j)		9,157		372
Series 2016-97, IO, 1.02%, 7/16/2056(j)		39,721		2,435
Series 2014-110, IO, 0.59%, 1/16/2057(j)		23,319		749
Series 2014-89, IO, 0.65%, 1/16/2057(j)		12,965		458
Series 2016-177, IO, 0.78%, 1/16/2057(j)		62,060		3,232
Series 2015-172, IO, 0.77%, 3/16/2057(j)		16,522		637
Series 2016-13, IO, 0.83%, 4/16/2057(j)		19,552		929
Series 2015-115, IO, 0.50%, 7/16/2057(j)		3,709		123
Series 2016-40, IO, 0.69%, 7/16/2057(j)		41,886		1,653
Series 2017-151, IO, 0.71%, 9/16/2057(j)		17,345		925
Series 2017-146, IO, 0.74%, 9/16/2057(j)		41,765		2,106
Series 2017-173, IO, 1.35%, 9/16/2057(j)		18,389		1,338
Series 2016-105, IO, 0.97%, 10/16/2057(j)		50,300		2,548
Series 2016-56, IO, 0.88%, 11/16/2057(j)		38,744		1,997
Series 2016-157, IO, 0.92%, 11/16/2057(j)		33,887		2,043

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2016-71, Class QI, IO, 0.93%, 11/16/2057(j)		94,619		5,137
Series 2016-96, IO, 0.90%, 12/16/2057(j)		3,361		175
Series 2016-94, IO, 1.01%, 12/16/2057(j)		5,805		309
Series 2016-155, IO, 0.83%, 2/16/2058(j)		77,198		4,724
Series 2016-130, IO, 0.95%, 3/16/2058(j)		39,287		2,299
Series 2016-92, IO, 0.88%, 4/16/2058(j)		835		44
Series 2016-119, IO, 0.99%, 4/16/2058(j)		118,956		6,493
Series 2016-151, IO, 1.06%, 6/16/2058(j)		101,372		6,648
Series 2017-41, IO, 0.71%, 7/16/2058(j)		16,867		846
Series 2016-87, IO, 0.96%, 8/16/2058(j)		41,832		2,366
Series 2017-3, IO, 0.81%, 9/16/2058(j)		84,072		4,378
Series 2016-175, IO, 0.83%, 9/16/2058(j)		31,763		1,716
Series 2017-54, IO, 0.59%, 12/16/2058(j)		19,142		968
Series 2017-81, IO, 0.76%, 12/16/2058(j)		15,667		795
Series 2017-23, IO, 0.69%, 5/16/2059(j)		22,675		1,099
Series 2017-86, IO, 0.76%, 5/16/2059(j)		8,679		491
Series 2017-51, IO, 0.79%, 5/16/2059(j)		12,870		749
Series 2017-148, IO, 0.62%, 7/16/2059(j)		28,984		1,524
Series 2017-69, IO, 0.79%, 7/16/2059(j)		14,093		770
Series 2017-171, IO, 0.69%, 9/16/2059(j)		5,533		314
Series 2018-57, IO, 0.41%, 10/16/2059(j)		120,843		5,238
Series 2017-157, IO, 0.57%, 12/16/2059(j)		8,731		428
Series 2018-9, IO, 0.54%, 1/16/2060(j)		150,094		7,634
Series 2019-135, IO, 0.88%, 2/16/2060(j)		52,242		3,830
Series 2019-67, IO, 0.88%, 2/16/2060(j)		27,541		1,980
Series 2018-106, IO, 0.50%, 4/16/2060(j)		24,264		1,373
Series 2018-119, IO, 0.68%, 5/16/2060(j)		38,031		2,557
Series 2018-98, IO, 0.43%, 8/16/2060(j)		89,813		4,302
Series 2019-9, IO, 0.67%, 8/16/2060(j)		30,672		2,054
Series 2020-121, IO, 0.94%, 8/16/2060(j)		9,951		810
Series 2019-32, IO, 0.57%, 5/16/2061(j)		92,866		6,214
Series 2019-53, Class IA, IO, 0.74%, 6/16/2061(j)		9,395		664
Series 2019-155, IO, 0.67%, 7/16/2061(j)		180,481		11,511
Series 2020-28, IO, 0.86%, 11/16/2061(j)		21,982		1,606
Series 2020-56, IO, 1.04%, 11/16/2061(j)		80,997		6,535
Series 2020-124, IO, 1.21%, 12/16/2061(j)		18,407		1,743
Series 2020-14, IO, 0.76%, 2/16/2062(j)		155,283		11,487
Series 2020-2, IO, 0.81%, 3/16/2062(j)		86,698		6,023
Series 2020-27, IO, 0.91%, 3/16/2062(j)		29,200		2,155
Series 2020-143, Class IB, IO, 0.95%, 3/16/2062(j)		68,547		5,612
Series 2020-110, IO, 1.11%, 3/16/2062(j)		49,712		4,406
Series 2020-143, IO, 1.20%, 3/16/2062(j)		34,898		3,373
Series 2020-94, IO, 1.20%, 3/16/2062(j)		113,720		10,403
Series 2020-73, IO, 1.32%, 3/16/2062(j)		58,354		5,662
Series 2020-23, IO, 0.76%, 4/16/2062(j)		140,506		10,960
Series 2020-38, IO, 0.95%, 4/16/2062(j)		142,620		11,445
Series 2020-70, IO, 0.99%, 4/16/2062(j)		64,916		5,240
Series 2020-54, IO, 1.00%, 4/16/2062(j)		192,407		15,879
Series 2020-89, Class IA, IO, 1.25%, 4/16/2062(j)		48,674		4,569
Series 2020-120, IO, 0.88%, 5/16/2062(j)		9,959		827
Series 2020-72, IO, 1.19%, 5/16/2062(j)		174,881		15,952
Series 2020-91, Class IU, IO, 1.27%, 5/16/2062(j)		247,351		22,167
Series 2020-50, IO, 0.79%, 6/16/2062(j)		84,317		6,083
Series 2020-147, IO, 1.00%, 6/16/2062(j)		109,860		9,771
Series 2020-118, IO, 1.06%, 6/16/2062(j)		91,245		7,958
Series 2020-106, Class IC, IO, 1.07%, 6/16/2062(j)		93,910		8,145
Series 2020-161, IO, 1.06%, 8/16/2062(j)		24,960		2,223
Series 2020-111, IO, 1.05%, 9/15/2062(j)		22,497		1,923
Series 2020-158, IO, 0.89%, 9/16/2062(j)		65,609		5,311
Series 2020-114, IO, 0.93%, 9/16/2062(j)		99,617		8,432

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2020-128, IO, 0.99%, 10/16/2062(j)		64,837		6,213
Series 2020-150, IO, 0.98%, 12/16/2062(j)		99,854		8,671
GS Mortgage Securities Trust
Series 2012-GCJ9, Class D, 4.90%, 11/10/2045(a)(j)		400		390
Series 2013-GC12, Class E, 3.25%, 6/10/2046‡(a)		3,550		2,521
Series 2013-GC12, Class D, 4.59%, 6/10/2046‡(a)(j)		2,240		1,835
Series 2015-GC32, Class D, 3.35%, 7/10/2048‡		4,521		3,715
Series 2015-GC34, Class D, 2.98%, 10/10/2048		3,570		2,486
Series 2016-GS3, Class C, 4.12%, 10/10/2049(j)		2,250		2,051
Series 2017-GS5, Class D, 3.51%, 3/10/2050‡(a)(j)		2,000		1,741
Series 2019-GC42, Class D, 2.80%, 9/1/2052(a)		4,880		4,388
Series 2020-GC45, Class XA, IO, 0.79%, 2/13/2053(j)		74,852		3,691
Series 2020-GC45, Class E, 2.85%, 2/13/2053‡(a)(j)		7,000		5,229
Series 2020-GC47, Class XA, IO, 1.25%, 5/12/2053(j)		80,857		7,250
Harvest Commercial Capital Loan Trust Series 2019-1, Class A, 3.29%, 9/25/2046(a)(j)		10,530		10,637
Jackson Park Trust
Series 2019-LIC, Class E, 3.35%, 10/14/2039‡(a)(j)		3,725		3,400
Series 2019-LIC, Class F, 3.35%, 10/14/2039‡(a)(j)		24,015		20,701
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2013-C16, Class D, 5.19%, 12/15/2046‡(a)(j)		250		243
Series 2015-JP1, Class E, 4.36%, 1/15/2049‡(a)(j)		3,250		2,459
JPMBB Commercial Mortgage Securities Trust
Series 2015-C33, Class D2, 4.27%, 12/15/2048‡(a)(j)		1,000		881
Series 2016-C1, Class D1, 4.39%, 3/15/2049‡(a)(j)		1,500		1,483
JPMCC Re-REMIC Trust Series 2015-FRR2, Class BK39, PO, 8/27/2047(a)		1,500		1,302
JPMDB Commercial Mortgage Securities Trust
Series 2017-C7, Class C, 4.32%, 10/15/2050(j)		5,000		5,153
Series 2019-COR6, Class D, 2.50%, 11/13/2052(a)		9,875		8,661
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.11%, 7/15/2044(j)		18		18
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡(j)		149		86
MF1 Multifamily Housing Mortgage Loan Trust Series 2019-Q009, Class B, 2.89%, 4/25/2024‡(a)(j)		3,129		3,111
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class D, 5.22%, 2/15/2047(a)(j)		4,250		4,236
Series 2014-C15, Class D, 5.07%, 4/15/2047‡(a)(j)		1,000		972
Series 2014-C16, Class B, 4.49%, 6/15/2047(j)		8,000		8,036
Series 2014-C17, Class C, 4.64%, 8/15/2047(j)		2,500		2,556
Series 2014-C17, Class D, 4.88%, 8/15/2047(a)(j)		9,393		8,537
Series 2014-C18, Class D, 3.39%, 10/15/2047‡(a)		7,157		5,037
Series 2015-C27, Class E, 3.24%, 12/15/2047‡(a)(j)		2,500		1,638
Series 2015-C27, Class F, 3.24%, 12/15/2047‡(a)(j)		6,334		3,255
Series 2014-C19, Class E, 3.25%, 12/15/2047‡(a)		6,500		4,100
Series 2015-C21, Class XA, IO, 1.01%, 3/15/2048(j)		22,139		642
Series 2016-C31, Class B, 3.88%, 11/15/2049(j)		3,000		2,942
Series 2016-C31, Class C, 4.45%, 11/15/2049(j)		3,500		3,138
Morgan Stanley Capital I Series 2017-HR2, Class C, 4.37%, 12/15/2050(j)		1,200		1,270
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.42%, 7/11/2040‡(a)(j)		1,000		834
Series 2015-UBS8, Class B, 4.32%, 12/15/2048(j)		8,331		8,003
Series 2016-UB11, Class C, 3.69%, 8/15/2049(j)		2,000		1,942
Series 2019-L3, Class D, 2.50%, 11/15/2052(a)		4,500		3,815
Series 2020-L4, Class D, 2.50%, 2/15/2053‡(a)		3,000		2,705
Series 2020-HR8, Class XA, IO, 1.97%, 7/15/2053(j)		19,685		2,873
MRCD MARK Mortgage Trust
Series 2019-PARK, Class G, 2.72%, 12/15/2036‡(a)		13,337		12,308
Series 2019-PARK, Class J, 4.25%, 12/15/2036(a)		20,000		18,325
Multifamily Connecticut Avenue Securities Trust
Series 2019-01, Class M7, 1.85%, 10/15/2049‡(a)(j)		6,419		6,131
Series 2019-01, Class M10, 3.40%, 10/15/2049‡(a)(j)		26,000		23,880
Series 2020-01, Class M10, 3.90%, 3/25/2050‡(a)(j)		25,000		23,006
PFP Ltd. (Cayman Islands) Series 2019-5, Class D, 2.79%, 4/14/2036‡(a)(j)		3,500		3,334

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
SBALR Commercial Mortgage Trust
Series 2020-RR1, Class XA, IO, 1.42%, 2/13/2053(a)(j)		94,927		8,436
Series 2020-RR1, Class A2, 2.53%, 2/13/2053(a)		4,000		4,058
Series 2020-RR1, Class B, 3.48%, 2/13/2053‡(a)		11,440		11,610
Series 2020-RR1, Class C, 3.98%, 2/13/2053‡(a)(j)		4,750		4,730
Series 2020-RR1, Class D, 4.20%, 2/13/2053‡(a)(j)		4,750		3,586
UBS Commercial Mortgage Trust
Series 2017-C1, Class C, 4.44%, 6/15/2050		5,330		5,015
Series 2017-C2, Class C, 4.30%, 8/15/2050(j)		7,250		6,815
Series 2017-C5, Class C, 4.46%, 11/15/2050(j)		1,000		1,041
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048(a)(j)		3,528		3,592
Series 2018-2, Class M2, 4.51%, 10/26/2048‡(a)(j)		235		238
Series 2018-2, Class M3, 4.72%, 10/26/2048‡(a)(j)		427		430
Series 2019-1, Class A, 3.76%, 3/25/2049(a)(j)		3,686		3,816
Series 2019-1, Class M1, 3.94%, 3/25/2049‡(a)(j)		8,294		8,518
Series 2019-3, Class A, 3.03%, 10/25/2049(a)(j)		4,311		4,429
Wells Fargo Commercial Mortgage Trust
Series 2014-LC18, Class D, 3.96%, 12/15/2047‡(a)(j)		4,000		3,449
Series 2015-NXS1, Class E, 2.88%, 5/15/2048‡(a)(j)		3,230		2,082
Series 2017-C38, Class D, 3.00%, 7/15/2050‡(a)		1,000		799
Series 2019-C52, Class XA, IO, 1.76%, 8/15/2052(j)		16,696		1,773
Series 2020-C55, Class D, 2.50%, 2/15/2053‡(a)		4,500		3,702
Series 2020-C55, Class E, 2.50%, 2/15/2053‡(a)		6,850		4,694
Series 2015-NXS2, Class D, 4.44%, 7/15/2058‡(j)		2,226		1,912
Series 2015-LC22, Class D, 4.69%, 9/15/2058(j)		2,000		1,783
Wells Fargo Re-REMIC Trust Series 2013-FRR1, Class BK20, PO, 5/27/2045(a)		8,000		7,454
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 4.05%, 9/15/2057‡(a)(j)		6,540		5,355
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,943,536)				1,894,096
ASSET-BACKED SECURITIES — 19.2%
5AIF Juniper 2 LLC Series 2018-1, Class A, 5.45%, 8/15/2022‡(a)		746		746
ABFC Trust Series 2002-OPT1, Class M1, 1.25%, 5/25/2032‡(j)		220		219
ACC Trust
Series 2019-1, Class B, 4.47%, 10/20/2022(a)		4,133		4,149
Series 2019-2, Class A, 2.82%, 2/21/2023(a)		2,691		2,702
Series 2018-1, Class C, 6.81%, 2/21/2023(a)		3,932		3,953
Series 2020-A, Class A, 6.00%, 3/20/2023(a)		5,259		5,418
Series 2019-2, Class B, 3.63%, 8/21/2023(a)		12,470		12,601
Series 2019-1, Class C, 6.41%, 2/20/2024(a)		2,280		2,251
Series 2019-2, Class C, 5.24%, 10/21/2024(a)		11,285		11,145
Accelerated Assets LLC
Series 2018-1, Class B, 4.51%, 12/2/2033‡(a)		353		360
Series 2018-1, Class C, 6.65%, 12/2/2033‡(a)		766		800
Affirm Asset Securitization Trust Series 2020-A, Class A, 2.95%, 2/18/2025(a)		8,000		8,045
American Credit Acceptance Receivables Trust
Series 2018-2, Class E, 5.16%, 9/10/2024(a)		560		581
Series 2018-3, Class E, 5.17%, 10/15/2024(a)		1,810		1,887
Series 2019-2, Class D, 3.41%, 6/12/2025(a)		6,780		7,011
Series 2019-2, Class E, 4.29%, 6/12/2025(a)		555		579
Series 2018-3, Class F, 6.44%, 6/12/2025(a)		1,320		1,379
Series 2019-3, Class E, 3.80%, 9/12/2025(a)		4,673		4,850
Series 2019-4, Class C, 2.69%, 12/12/2025(a)		5,307		5,420
Series 2019-4, Class D, 2.97%, 12/12/2025(a)		5,600		5,765
Series 2019-4, Class E, 3.85%, 12/12/2025(a)		6,050		6,195
Series 2020-1, Class C, 2.19%, 3/13/2026(a)		5,850		5,936
Series 2020-1, Class E, 3.32%, 3/13/2026(a)		10,080		10,164
Series 2020-2, Class C, 3.88%, 4/13/2026(a)		2,000		2,124
Series 2019-3, Class F, 5.42%, 5/12/2026(a)		710		733

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2020-2, Class D, 5.65%, 5/13/2026(a)		2,400		2,647
Series 2020-4, Class F, 5.22%, 8/13/2027(a)		5,000		5,046
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-11, Class M2, 2.63%, 12/25/2033‡(j)		237		235
AMSR Trust
Series 2020-SFR2, Class E2, 4.28%, 7/17/2037‡(a)		10,005		10,483
Series 2020-SFR4, Class F, 2.86%, 11/17/2037‡(a)		14,250		14,198
Series 2019-SFR1, Class F, 3.87%, 1/19/2039‡(a)		5,310		5,301
Series 2019-SFR1, Class G, 4.86%, 1/19/2039‡(a)		2,125		2,116
Series 2019-SFR1, Class H, 6.04%, 1/19/2039‡(a)		2,125		2,113
Aqua Finance Trust
Series 2019-A, Class C, 4.01%, 7/16/2040‡(a)		7,400		7,628
Series 2020-AA, Class C, 3.97%, 7/17/2046(a)		4,250		4,398
Arivo Acceptance Auto Loan Receivables Trust
Series 2019-1, Class B, 3.37%, 6/15/2025(a)		4,500		4,609
Series 2019-1, Class C, 4.35%, 6/15/2026(a)		1,500		1,537
Avis Budget Rental Car Funding AESOP LLC
Series 2016-2A, Class A, 2.72%, 11/20/2022(a)		1,400		1,418
Series 2019-1A, Class A, 3.45%, 3/20/2023(a)		5,656		5,805
Series 2017-1A, Class A, 3.07%, 9/20/2023(a)		1,500		1,539
Series 2018-1A, Class C, 4.73%, 9/20/2024(a)		560		582
Series 2019-2A, Class A, 3.35%, 9/22/2025(a)		5,385		5,704
Series 2019-2A, Class C, 4.24%, 9/22/2025(a)		3,000		3,087
Series 2019-3A, Class A, 2.36%, 3/20/2026(a)		13,500		13,902
Series 2019-3A, Class B, 2.65%, 3/20/2026(a)		3,000		3,030
Series 2020-2A, Class A, 2.02%, 2/20/2027(a)		3,750		3,800
Series 2020-2A, Class B, 2.96%, 2/20/2027(a)		1,800		1,833
Series 2020-2A, Class C, 4.25%, 2/20/2027(a)		1,800		1,837
BlueMountain CLO Ltd. (Cayman Islands) Series 2012-2A, Class DR2, 3.12%, 11/20/2028‡(a)(j)		600		566
Business Jet Securities LLC
Series 2018-2, Class A, 4.45%, 6/15/2033(a)		14,435		14,644
Series 2018-2, Class C, 6.66%, 6/15/2033(a)		854		857
Series 2019-1, Class A, 4.21%, 7/15/2034(a)		9,626		9,830
Series 2019-1, Class C, 6.95%, 7/15/2034‡(a)		4,993		5,026
Series 2020-1A, Class A, 2.98%, 11/15/2035(a)		7,845		7,942
Series 2020-1A, Class B, 3.97%, 11/15/2035(a)		5,941		5,967
Series 2020-1A, Class C, 7.14%, 11/15/2035(a)		9,142		9,248
BXG Receivables Note Trust Series 2018-A, Class C, 4.44%, 2/2/2034‡(a)		1,889		1,902
Camillo Issuer LLC Series 2017-SFR1, Class A, 5.50%, 6/5/2027‡(a)		957		957
Cars Net Lease Mortgage Notes Series 2020-1A, Class A3, 3.10%, 12/15/2050(a)(k)		2,800		2,798
CARS-DB4 LP
Series 2020-1A, Class A4, 3.19%, 2/15/2050(a)		3,499		3,603
Series 2020-1A, Class A5, 3.48%, 2/15/2050(a)		2,999		3,145
Series 2020-1A, Class B1, 4.17%, 2/15/2050‡(a)		3,500		3,645
Series 2020-1A, Class B2, 4.52%, 2/15/2050‡(a)		4,290		4,493
Series 2020-1A, Class B3, 4.95%, 2/15/2050‡(a)		4,510		4,660
Carvana Auto Receivables Trust
Series 2019-1A, Class D, 3.88%, 10/15/2024(a)		2,000		2,087
Series 2019-4A, Class D, 3.07%, 7/15/2025(a)		4,591		4,745
Series 2019-1A, Class E, 5.64%, 1/15/2026(a)		500		525
Series 2019-2A, Class E, 5.01%, 4/15/2026(a)		3,000		3,160
Series 2019-3A, Class E, 4.60%, 7/15/2026(a)		9,700		10,106
Series 2019-4A, Class E, 4.70%, 10/15/2026(a)		6,990		7,223
Cascade MH Asset Trust Series 2019-MH1, Class A, 4.00%, 11/25/2044(a)(j)		7,928		8,175
Centex Home Equity Loan Trust Series 2004-A, Class AF4, 5.01%, 8/25/2032‡(h)		147		153
CF Hippolyta LLC
Series 2020-1, Class A1, 1.69%, 7/15/2060(a)		5,825		5,896
Series 2020-1, Class B1, 2.28%, 7/15/2060‡(a)		4,320		4,377
CIG Auto Receivables Trust
Series 2020-1A, Class B, 1.55%, 1/13/2025(a)		900		901
Series 2020-1A, Class C, 1.75%, 1/12/2026(a)		1,460		1,466
Series 2019-1A, Class D, 4.85%, 5/15/2026(a)		1,660		1,687

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
CLI Funding VI LLC Series 2020-3A, Class A, 2.07%, 10/18/2045(a) 8,935				8,951
CLUB Credit Trust Series 2019-46, Class PT, HB, 23.45%, 12/15/2044(a)(j)		12,118		11,145
Conn’s Receivables Funding LLC
Series 2019-A, Class B, 4.36%, 10/16/2023‡(a)		1,263		1,266
Series 2019-A, Class C, 5.29%, 10/16/2023‡(a)		11,546		11,397
Series 2019-B, Class B, 3.62%, 6/17/2024‡(a)		4,530		4,496
Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2019-54, Class PT, HB, 23.90%, 2/15/2045(a)(j)		17,413		15,299
Series 2020-4, Class PT, HB, 22.26%, 3/15/2045‡(a)(j)		6,394		5,537
Series 2020-8, Class PT, HB, 22.80%, 4/17/2045(a)(j)		6,528		5,686
Consumer Loan Underlying Bond Credit Trust Series 2018-P2, Class C, 5.21%, 10/15/2025‡(a)		1,500		1,522
CoreVest American Finance Trust
Series 2019-1, Class E, 5.49%, 3/15/2052‡(a)		575		601
Series 2019-2, Class E, 5.39%, 6/15/2052‡(a)(j)		1,250		1,277
Series 2019-3, Class XB, IO, 1.55%, 10/15/2052(a)(j)		53,875		4,970
Series 2019-3, Class XA, IO, 2.19%, 10/15/2052(a)(j)		46,323		3,580
Series 2019-3, Class D, 3.76%, 10/15/2052‡(a)		8,689		9,111
Series 2019-3, Class E, 4.90%, 10/15/2052‡(a)(j)		3,650		3,573
CPS Auto Receivables Trust
Series 2019-B, Class C, 3.35%, 1/15/2024(a)		160		163
Series 2020-A, Class D, 2.90%, 12/15/2025(a)		4,200		4,318
Credit Acceptance Auto Loan Trust Series 2020-1A, Class B, 2.39%, 4/16/2029(a)		4,550		4,658
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-4, Class M1, 0.87%, 7/25/2034‡(j)		1,373		1,353
Diamond Resorts Owner Trust
Series 2018-1, Class D, 5.90%, 1/21/2031‡(a)		755		754
Series 2019-1A, Class D, 5.25%, 2/20/2032‡(a)		2,838		2,760
Dominion Financial Services 2 LLC Series 2018-1, Class A, 5.35%, 9/15/2022‡(a)(h)		6,825		6,825
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 3/15/2023		160		162
Series 2018-3, Class D, 4.30%, 9/16/2024		1,456		1,509
Series 2020-1, Class D, 2.70%, 5/17/2027		2,000		2,072
Driven Brands Funding LLC
Series 2019-2A, Class A2, 3.98%, 10/20/2049(a)		3,930		4,125
Series 2020-1A, Class A2, 3.79%, 7/20/2050(a)		499		519
DT Auto Owner Trust
Series 2017-2A, Class E, 6.03%, 1/15/2024(a)		500		513
Series 2018-3A, Class D, 4.19%, 7/15/2024(a)		1,230		1,279
Series 2017-3A, Class E, 5.60%, 8/15/2024(a)		455		469
Series 2019-1A, Class D, 3.87%, 11/15/2024(a)		1,000		1,038
Series 2017-4A, Class E, 5.15%, 11/15/2024(a)		1,925		1,972
Series 2018-1A, Class E, 5.42%, 3/17/2025(a)		1,055		1,084
Series 2019-3A, Class D, 2.96%, 4/15/2025(a)		2,300		2,366
Series 2018-2A, Class E, 5.54%, 6/16/2025(a)		1,200		1,240
Series 2020-1A, Class D, 2.55%, 11/17/2025(a)		5,260		5,369
Series 2018-3A, Class E, 5.33%, 11/17/2025(a)		1,340		1,415
Series 2019-1A, Class E, 4.94%, 2/17/2026(a)		4,520		4,742
Series 2020-2A, Class B, 2.08%, 3/16/2026(a)		2,000		2,041
Series 2020-2A, Class C, 3.28%, 3/16/2026(a)		3,437		3,596
Series 2020-2A, Class D, 4.73%, 3/16/2026(a)		3,770		4,073
Series 2019-3A, Class E, 3.85%, 8/17/2026(a)		3,500		3,594
Series 2019-4A, Class E, 3.93%, 10/15/2026(a)		5,000		5,145
Series 2020-1A, Class E, 3.48%, 2/16/2027(a)		5,500		5,534
Series 2020-2A, Class E, 7.17%, 6/15/2027(a)		2,130		2,340
E3 (Cayman Islands) Series 2019-1, Class C, 5.00%, 9/20/2055‡(a)		1,064		1,068
Elara HGV Timeshare Issuer LLC Series 2019-A, Class C, 3.45%, 1/25/2034‡(a)		2,020		2,041
Exeter Automobile Receivables Trust
Series 2016-2A, Class D, 8.25%, 4/17/2023(a)		1,020		1,024
Series 2017-3A, Class C, 3.68%, 7/17/2023(a)		773		788

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2016-3A, Class D, 6.40%, 7/17/2023(a)		3,750		3,838
Series 2017-2A, Class D, 6.39%, 2/15/2024(a)		1,000		1,045
Series 2019-3A, Class C, 2.79%, 5/15/2024(a)		2,360		2,409
Series 2018-3A, Class D, 4.35%, 6/17/2024(a)		1,515		1,580
Series 2020-2A, Class B, 2.08%, 7/15/2024(a)		3,000		3,041
Series 2018-3A, Class E, 5.43%, 8/15/2024(a)		9,255		9,915
Series 2018-1A, Class E, 4.64%, 10/15/2024(a)		2,260		2,327
Series 2017-3A, Class D, 5.28%, 10/15/2024(a)		1,000		1,047
Series 2019-1A, Class D, 4.13%, 12/16/2024(a)		14,475		15,093
Series 2020-1A, Class C, 2.49%, 1/15/2025(a)		4,940		5,071
Series 2019-2A, Class D, 3.71%, 3/17/2025(a)		1,000		1,046
Series 2020-2A, Class C, 3.28%, 5/15/2025(a)		6,591		6,886
Series 2018-2A, Class E, 5.33%, 5/15/2025(a)		2,900		3,021
Series 2018-4A, Class E, 5.38%, 7/15/2025(a)		2,810		2,938
Series 2019-3A, Class D, 3.11%, 8/15/2025(a)		4,260		4,391
Series 2018-3A, Class F, 6.55%, 8/25/2025(a)		5,130		5,468
Series 2020-1A, Class D, 2.73%, 12/15/2025(a)		10,000		10,385
Series 2019-1A, Class E, 5.20%, 1/15/2026(a)		9,375		9,873
Series 2020-2A, Class D, 4.73%, 4/15/2026(a)		10,000		10,816
Series 2019-2A, Class E, 4.68%, 5/15/2026(a)		5,520		5,768
Series 2019-3A, Class E, 4.00%, 8/17/2026(a)		7,092		7,253
Series 2019-4A, Class E, 3.56%, 10/15/2026(a)		28,835		29,359
Series 2020-1A, Class E, 3.74%, 1/15/2027(a)		15,660		16,138
Series 2020-2A, Class E, 7.19%, 9/15/2027(a)		10,510		11,630
FirstKey Homes Trust Series 2020-SFR1, Class F2, 4.28%, 9/17/2025‡(a)		9,000		9,123
Flagship Credit Auto Trust
Series 2016-1, Class D, 8.59%, 5/15/2023(a)		1,000		1,006
Series 2016-3, Class E, 6.25%, 10/15/2023(a)		1,110		1,133
Series 2017-R, 8.24%, 10/18/2023		435		413
Series 2017-4, Class D, 3.58%, 1/15/2024(a)		175		180
Series 2017-2, Class E, 5.55%, 7/15/2024(a)		530		551
Series 2019-1, Class D, 4.08%, 2/18/2025(a)		3,833		4,016
Series 2019-4, Class C, 2.77%, 12/15/2025(a)		4,100		4,256
Series 2020-1, Class C, 2.24%, 1/15/2026(a)		10,000		10,254
Series 2020-1, Class D, 2.48%, 3/16/2026(a)		4,000		4,093
Series 2019-2, Class E, 4.52%, 12/15/2026(a)		4,500		4,707
Foundation Finance Trust
Series 2019-1A, Class B, 4.22%, 11/15/2034(a)		855		867
Series 2019-1A, Class C, 5.66%, 11/15/2034‡(a)		3,055		3,105
FREED ABS Trust
Series 2018-1, Class B, 4.56%, 7/18/2024(a)		569		570
Series 2019-1, Class B, 3.87%, 6/18/2026(a)		9,592		9,696
Series 2019-1, Class C, 5.39%, 6/18/2026(a)		14,200		14,472
Series 2020-FP1, Class B, 3.06%, 3/18/2027‡(a)		6,150		6,205
Series 2020-FP1, Class C, 4.37%, 3/18/2027‡(a)		5,000		4,903
Series 2020-2CP, Class B, 5.50%, 6/18/2027‡(a)		2,929		3,051
Series 2020-3FP, Class B, 4.18%, 9/20/2027‡(a)		3,000		3,078
Genesis Sales Finance Master Trust
Series 2019-AA, Class A, 4.68%, 8/20/2023(a)		2,650		2,670
Series 2020-AA, Class C, 2.99%, 9/22/2025(a)		1,000		998
GLS Auto Receivables Issuer Trust
Series 2020-1A, Class C, 2.72%, 11/17/2025(a)		5,000		5,117
Series 2019-1A, Class D, 4.94%, 12/15/2025(a)		4,330		4,504
Series 2019-2A, Class D, 4.52%, 2/17/2026(a)		1,000		1,040
Series 2019-4A, Class D, 4.09%, 8/17/2026(a)		8,950		9,215
Series 2020-1A, Class D, 3.68%, 11/16/2026(a)		1,250		1,282
GLS Auto Receivables Trust Series 2018-3A, Class D, 5.34%, 8/15/2025(a)		680		714
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047‡(a)		580		572
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042‡(a)		331		334
Series 2016-4B, Class B, 4.99%, 9/20/2047‡(a)		303		310

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Hertz Vehicle Financing II LP Series 2019-3A, Class C, 3.43%, 12/26/2025(a)		6,500		6,456
HIN Timeshare Trust
Series 2020-A, Class A, 1.39%, 10/9/2039(a)		4,028		4,046
Series 2020-A, Class B, 2.23%, 10/9/2039(a)		3,554		3,587
Series 2020-A, Class C, 3.42%, 10/9/2039‡(a)		1,896		1,938
Series 2020-A, Class D, 5.50%, 10/9/2039‡(a)		3,092		3,150
Kabbage Funding LLC
Series 2019-1, Class B, 4.07%, 3/15/2024‡(a)		91		91
Series 2019-1, Class C, 4.61%, 3/15/2024‡(a)		1,000		1,000
Lending Point Asset Securitization Trust Series 2020-1, Class C, 4.14%, 2/10/2026‡(a)		4,500		4,423
Lendingpoint Asset Securitization Trust Series 2019-2, Class B, 3.73%, 11/10/2025(a)		12,000		12,086
Lendmark Funding Trust
Series 2018-1A, Class B, 4.09%, 12/21/2026‡(a)		790		810
Series 2018-1A, Class C, 5.03%, 12/21/2026‡(a)		1,305		1,348
Series 2018-2A, Class D, 6.78%, 4/20/2027(a)		2,500		2,561
Series 2019-1A, Class C, 3.90%, 12/20/2027‡(a)		800		806
Series 2019-1A, Class D, 5.34%, 12/20/2027‡(a)		3,000		2,942
Series 2019-2A, Class C, 3.72%, 4/20/2028‡(a)		3,040		3,048
LL ABS Trust
Series 2019-1A, Class A, 2.87%, 3/15/2027(a)		2,031		2,041
Series 2019-1A, Class C, 5.07%, 3/15/2027‡(a)		3,500		3,433
Series 2020-1A, Class A, 2.33%, 1/17/2028(a)		6,696		6,734
Long Beach Mortgage Loan Trust Series 2003-4, Class M2, 2.78%, 8/25/2033‡(j)		26		26
LP LMS Asset Securitization Trust Series 2019-1A, Class A, 4.21%, 11/10/2025(a)		5,199		5,266
LV Tower 52 Issuer Series 2013-1, Class M, 7.75%, 7/15/2019‡(a)		151		152
Mariner Finance Issuance Trust Series 2019-AA, Class D, 5.44%, 7/20/2032‡(a)		5,120		4,966
Marlette Funding Trust
Series 2017-3A, Class C, 4.01%, 12/15/2024‡(a)		36		36
Series 2017-3A, Class D, 5.03%, 12/15/2024(a)		4,500		4,526
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049(a)		26,849		24,836
MFA LLC Series 2018-NPL2, Class A1, 4.16%, 7/25/2048(a)(h)		148		148
New Residential Mortgage LLC Series 2020-FNT1, Class A, 5.44%, 6/25/2025(a)		22,134		22,572
NRZ Excess Spread-Collateralized Notes
Series 2018-FNT1, Class D, 4.69%, 5/25/2023‡(a)		517		512
Series 2018-FNT1, Class E, 4.89%, 5/25/2023‡(a)		437		428
NRZ FHT Excess LLC Series 2020-FHT1, Class A, 4.21%, 11/25/2025(a)		8,000		7,953
Ocean Beach Spc (Cayman Islands) Series 2020-1I, Class A, 4.00%, 9/26/2022		15,000		15,000
Octane Receivables Trust
Series 2019-1A, Class A, 3.16%, 9/20/2023(a)		5,940		6,018
Series 2019-1A, Class B, 3.77%, 7/22/2024‡(a)		12,591		12,975
OneMain Direct Auto Receivables Trust Series 2018-1A, Class D, 4.40%, 1/14/2028(a)		580		595
OneMain Financial Issuance Trust
Series 2019-1A, Class B, 3.79%, 2/14/2031(a)		745		766
Series 2017-1A, Class D, 4.52%, 9/14/2032‡(a)		1,100		1,105
Series 2018-2A, Class D, 4.29%, 3/14/2033‡(a)		1,500		1,530
Series 2020-2A, Class B, 2.21%, 9/14/2035‡(a)		4,000		4,048
Series 2020-2A, Class C, 2.76%, 9/14/2035‡(a)		2,000		2,031
Series 2020-2A, Class D, 3.45%, 9/14/2035‡(a)		7,000		7,154
Orange Lake Timeshare Trust
Series 2018-A, Class C, 3.74%, 11/8/2030‡(a)		2,474		2,499
Series 2019-A, Class D, 4.93%, 4/9/2038‡(a)		3,070		3,052
Oxford Finance Funding LLC Series 2020-1A, Class A2, 3.10%, 2/15/2028(a)		4,000		4,080
Pagaya AI Debt Selection Trust Series 2020-3, Class C, 6.43%, 5/17/2027(a)		3,396		3,414
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 2.50%, 4/25/2023(a)(j)		4,626		4,467
PNMAC GMSR Issuer Trust
Series 2018-GT1, Class A, 3.00%, 2/25/2023(a)(j)		4,655		4,560
Series 2018-GT2, Class A, 2.80%, 8/25/2025(a)(j)		4,320		4,184

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Popular ABS Mortgage Pass-Through Trust Series 2005-3, Class M1, 3.89%, 7/25/2035‡(h)		251		256
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024(a)		1,160		1,192
Series 2018-1A, Class E, 5.03%, 1/15/2026(a)		720		749
Pretium Mortgage Credit Partners I LLC
Series 2019-CFL1, Class A2, 4.95%, 1/25/2059‡(a)(h)		4,469		4,196
Series 2020-NPL3, Class A2, 6.41%, 6/27/2060(a)(h)		14,500		14,510
Progress Residential Trust
Series 2020-SFR3, Class F, 2.80%, 10/17/2027‡(a)		5,000		4,981
Series 2020-SFR3, Class G, PO, 4.11%, 10/17/2027(a)		3,000		3,013
Series 2019-SFR1, Class E, 4.47%, 8/17/2035‡(a)		2,000		2,062
Series 2018-SFR3, Class D, 4.43%, 10/17/2035‡(a)		1,047		1,069
Series 2018-SFR3, Class E, 4.87%, 10/17/2035‡(a)		524		537
Series 2019-SFR2, Class E, 4.14%, 5/17/2036‡(a)		4,000		4,119
Series 2019-SFR3, Class E, 3.37%, 9/17/2036‡(a)		6,100		6,226
Prosper Marketplace Issuance Trust Series 2019-2A, Class C, 5.05%, 9/15/2025‡(a)		7,941		7,918
PRPM LLC
Series 2020-1A, Class A1, 2.98%, 2/25/2025‡(a)(h)		5,094		5,101
Series 2020-4, Class A2, 3.44%, 10/25/2025‡(a)(h)		7,000		7,001
RAMP Trust Series 2002-RS2, Class AI5, 5.44%, 3/25/2032‡(j)		89		93
ReadyCap Lending Small Business Loan Trust Series 2019-2, Class A, 2.75%, 12/27/2044(a)(j)		14,287		13,570
Regional Management Issuance Trust
Series 2019-1, Class C, 4.11%, 11/15/2028‡(a)		5,110		5,202
Series 2020-1, Class A, 2.34%, 10/15/2030(a)		6,000		6,029
Series 2020-1, Class D, 6.77%, 10/15/2030‡(a)		2,410		2,439
Renaissance Home Equity Loan Trust
Series 2003-4, Class M2F, 6.24%, 3/25/2034‡(h)		137		138
Series 2005-2, Class M1, 5.05%, 8/25/2035‡(h)		565		608
Renew (Cayman Islands) Series 2017-1A, Class B, 5.75%, 9/20/2052‡(a)		214		221
Republic Finance Issuance Trust Series 2020-A, Class A, 2.47%, 11/20/2030(a)		2,857		2,884
Republic FInance Issuance Trust Series 2019-A, Class A, 3.43%, 11/22/2027(a)		4,185		4,261
Santander Drive Auto Receivables Trust
Series 2017-3, Class E, 4.97%, 1/15/2025		5,770		5,984
Series 2018-2, Class E, 5.02%, 9/15/2025		5,584		5,807
Series 2020-2, Class D, 2.22%, 9/15/2026		2,350		2,400
Santander Prime Auto Issuance Notes Trust
Series 2018-A, Class E, 5.04%, 9/15/2025(a)		1,067		1,076
Series 2018-A, Class F, 6.80%, 9/15/2025(a)		2,172		2,196
Santander Revolving Auto Loan Trust
Series 2019-A, Class A, 2.51%, 1/26/2032(a)		11,500		12,237
Series 2019-A, Class C, 3.00%, 1/26/2032(a)		880		925
Series 2019-A, Class D, 3.45%, 1/26/2032(a)		8,085		8,504
Security National Mortgage Loan Trust Series 2004-2A, Class AF3, 5.77%, 11/25/2034‡(a)(j)		65		65
Sierra Timeshare Receivables Funding LLC
Series 2019-1A, Class D, 4.75%, 1/20/2036‡(a)		658		664
Series 2019-2A, Class D, 4.54%, 5/20/2036‡(a)		1,853		1,842
Series 2019-3A, Class D, 4.18%, 8/20/2036‡(a)		4,329		4,244
Series 2020-2A, Class D, 6.59%, 7/20/2037‡(a)		4,032		4,138
Small Business Lending Trust Series 2020-A, Class C, 5.01%, 12/15/2026‡(a)		3,250		2,653
SoFi Consumer Loan Program LLC
Series 2017-6, Class B, 3.52%, 11/25/2026‡(a)		100		102
Series 2017-6, Class C, 4.02%, 11/25/2026‡(a)		100		102
Sofi Consumer Loan Program Trust Series 2018-2, Class C, 4.25%, 4/26/2027‡(a)		5,000		5,125
SoFi Consumer Loan Program Trust
Series 2018-1, Class B, 3.65%, 2/25/2027(a)		450		461
Series 2018-1, Class C, 3.97%, 2/25/2027‡(a)		450		457
Springleaf Funding Trust Series 2015-BA, Class B, 3.80%, 5/15/2028‡(a)		900		900
Stanwich Mortgage Loan Trust Series 2019-NPB2, Class A1, 3.48%, 11/16/2024(a)(h)		4,540		4,552
Structured Asset Investment Loan Trust Series 2004-8, Class M3, 1.13%, 9/25/2034‡(j)		174		173

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Tesla Auto Lease Trust
Series 2019-A, Class D, 3.37%, 1/20/2023(a)		2,700		2,797
Series 2019-A, Class E, 5.48%, 5/22/2023(a)		5,000		5,269
Series 2020-A, Class D, 2.33%, 2/20/2024(a)		2,000		2,043
Series 2020-A, Class E, 4.64%, 8/20/2024(a)		3,777		3,952
Tif Funding II LLC Series 2020-1A, Class A, 2.09%, 8/20/2045(a)		4,906		4,920
Tricolor Auto Securitization Trust
Series 2018-1A, Class B, 7.30%, 2/16/2021(a)		2,700		2,732
Series 2020-1A, Class B, 8.25%, 11/15/2026(a)		6,349		6,349
US Auto Funding LLC
Series 2019-1A, Class C, 5.34%, 3/15/2023(a)		7,000		7,187
Series 2018-1A, Class B, 7.50%, 7/15/2023(a)		1,710		1,802
VCAT LLC Series 2020-NPL1, Class A1, 3.67%, 8/25/2050‡(a)(h)		3,547		3,584
Vericrest Opportunity Loan Trust
Series 2019-NPL5, Class A1B, 4.25%, 9/25/2049‡(a)(h)		9,495		9,427
Series 2019-NPL7, Class A1B, 3.97%, 10/25/2049‡(a)(h)		9,000		8,934
Series 2019-NPL8, Class A1B, 4.09%, 11/25/2049‡(a)(h)		15,000		14,876
Series 2020-NPL2, Class A1B, 3.67%, 2/25/2050‡(a)(h)		12,000		11,871
Series 2020-NPL6, Class A1A, 3.97%, 4/25/2050‡(a)(h)		7,789		7,830
Veros Automobile Receivables Trust Series 2018-1, Class D, 5.74%, 8/15/2025(a)		2,500		2,529
VM DEBT TRUST Series 2019-1, 9.50%, 5/31/2024		10,000		9,470
VMD-WL1 4.71%, 1/31/2021		9,367		9,320
VOLT LXXX LLC Series 2019-NPL6, Class A1B, 4.09%, 10/25/2049‡(a)(h)		17,435		17,243
VOLT LXXXIII LLC Series 2019-NPL9, Class A1B, 4.09%, 11/26/2049‡(a)(h)		12,130		12,046
VOLT LXXXIV LLC Series 2019-NP10, Class A1B, 3.97%, 12/27/2049‡(a)(h)		14,250		14,141
VOLT LXXXV LLC Series 2020-NPL1, Class A1B, 3.72%, 1/25/2050‡(a)(h)		25,000		24,775
VOLT LXXXVII LLC Series 2020-NPL3, Class A1B, 3.67%, 2/25/2050‡(a)(h)		14,600		14,510
Voya CLO Ltd. (Cayman Islands) Series 2016-3A, Class CR, 3.47%, 10/18/2031‡(a)(j)		535		498
Welk Resorts LLC
Series 2019-AA, Class C, 3.34%, 6/15/2038‡(a)		3,955		4,062
Series 2019-AA, Class D, 4.03%, 6/15/2038‡(a)		1,559		1,594
Westgate Resorts LLC Series 2020-1A, Class C, 6.21%, 3/20/2034‡(a)		11,020		11,628
Westlake Automobile Receivables Trust
Series 2018-3A, Class E, 4.90%, 12/15/2023(a)		670		694
Series 2018-2A, Class E, 4.86%, 1/16/2024(a)		450		468
Series 2018-1A, Class F, 5.60%, 7/15/2024(a)		3,500		3,544
Series 2019-2A, Class D, 3.20%, 11/15/2024(a)		1,013		1,044
Series 2018-2A, Class F, 6.04%, 1/15/2025(a)		1,320		1,353
Series 2018-3A, Class F, 6.02%, 2/18/2025(a)		3,690		3,790
Series 2019-3A, Class E, 3.59%, 3/17/2025(a)		600		610
Series 2019-2A, Class E, 4.02%, 4/15/2025(a)		4,815		4,920
Series 2020-2A, Class C, 2.01%, 7/15/2025(a)		1,000		1,019
Series 2020-2A, Class D, 2.76%, 1/15/2026(a)		2,000		2,065
Series 2019-1A, Class F, 5.67%, 2/17/2026(a)		3,009		3,118
Series 2019-2A, Class F, 5.00%, 3/16/2026(a)		1,880		1,872
Series 2019-3A, Class F, 4.72%, 4/15/2026(a)		3,400		3,448
TOTAL ASSET-BACKED SECURITIES (Cost $1,394,804)				1,406,493
COLLATERALIZED MORTGAGE OBLIGATIONS—15.6%
ACC 1/15/2021‡		8,918		8,918
Acre Series 2017-B, 8.39%, 12/22/2021‡		500		495
Adjustable Rate Mortgage Trust Series 2006-2, Class 1A4, 3.93%, 5/25/2036(j)		1,582		1,518

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Alternative Loan Trust
Series 2004-18CB, Class 5A1, 6.25%, 9/25/2034		31		32
Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034		21		21
Series 2005-23CB, Class A7, 5.25%, 7/25/2035		27		26
Series 2005-23CB, Class A16, 5.50%, 7/25/2035		74		72
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		518		512
Series 2005-J14, Class A3, 5.50%, 12/25/2035		337		274
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		635		496
Angel Oak Mortgage Trust
Series 2019-5, Class M1, 3.30%, 10/25/2049‡(a)(j)		8,000		7,918
Series 2019-5, Class B1, 3.96%, 10/25/2049‡(a)(j)		2,470		2,464
Series 2019-6, Class B3, 6.02%, 11/25/2059(a)(j)		1,250		1,122
Series 2020-1, Class M1, 3.16%, 12/25/2059‡(a)(j)		4,400		4,366
Series 2020-1, Class B1, 3.76%, 12/25/2059‡(a)(j)		1,550		1,553
Angel Oak Mortgage Trust I LLC
Series 2018-PB1, Class A, 5.00%, 8/25/2021(a)		64		64
Series 2018-2, Class B1, 4.89%, 7/27/2048(a)(j)		3,500		3,551
Series 2018-3, Class B1, 5.04%, 9/25/2048(a)(j)		1,000		1,018
Antler Mortgage Trust
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(a)		677		678
Series 2019-RTL1, Class A2, 4.95%, 8/25/2022(a)(j)		2,000		2,044
Series 2019-RTL1, Class M, 6.90%, 1/25/2023‡(a)(j)		3,000		3,017
Series 2018-RTL1, Class M, 7.39%, 5/25/2023‡(a)(h)		1,700		1,425
Arroyo Mortgage Trust
Series 2019-3, Class M1, 4.20%, 10/25/2048‡(a)(j)		1,000		1,046
Series 2019-2, Class A3, 3.80%, 4/25/2049(a)(j)		1,437		1,475
Banc of America Alternative Loan Trust Series 2005-3, Class 2A1, 5.50%, 4/25/2020		4		3
Banc of America Funding Trust Series 2007-5, Class 4A1, 0.52%, 7/25/2037(j)		433		282
Bear Stearns ALT-A Trust Series 2004-7, Class 2A1, 3.22%, 8/25/2034(j)		135		139
Bear Stearns Asset-Backed Securities Trust Series 2003-AC4, Class M1, 5.66%, 9/25/2033‡(h)		116		113
Bellemeade Re Ltd. (Bermuda)
Series 2018-3A, Class M1B, 2.00%, 10/25/2028‡(a)(j)		619		619
Series 2018-3A, Class M2, 2.90%, 10/25/2028‡(a)(j)		1,140		1,128
Series 2019-1A, Class M2, 2.85%, 3/25/2029‡(a)(j)		1,000		975
Series 2019-3A, Class B1, 2.65%, 7/25/2029‡(a)(j)		1,000		957
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 2.90%, 5/25/2023(a)(j)		840		809
Series 2018-GT1, Class B, 3.65%, 5/25/2023‡(a)(j)		850		792
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-8, Class 1A5, 5.50%, 11/25/2035		51		50
Citigroup Mortgage Loan Trust, Inc.
Series 2004-NCM2, Class 3CB2, 6.50%, 8/25/2019‡		6		6
Series 2003-1, Class 3A5, 5.25%, 9/25/2033		114		116
COLT Mortgage Loan Trust Series 2020-1, Class A1, 2.49%, 2/25/2050(a)(j)		1,831		1,852
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1ED2, 1.25%, 4/25/2031(a)(j)		192		190
Series 2018-R07, Class 1B1, 4.50%, 4/25/2031‡(a)(j)		8,186		8,186
Series 2019-R01, Class 2M2, 2.60%, 7/25/2031‡(a)(j)		14,427		14,355
Series 2019-R01, Class 2B1, 4.50%, 7/25/2031‡(a)(j)		1,000		990
Series 2019-R02, Class 1B1, 4.30%, 8/25/2031‡(a)(j)		10,130		10,071
Series 2019-R04, Class 2B1, 5.40%, 6/25/2039(a)(j)		5,000		4,981
Series 2019-R05, Class 1M2, 2.15%, 7/25/2039‡(a)(j)		1,372		1,367
Series 2019-R05, Class 1B1, 4.25%, 7/25/2039(a)(j)		1,500		1,470
Series 2019-R06, Class 2B1, 3.90%, 9/25/2039(a)(j)		26,974		25,219
Series 2019-R07, Class 1M2, 2.25%, 10/25/2039‡(a)(j)		13,358		13,292
Series 2019-R07, Class 1B1, 3.55%, 10/25/2039‡(a)(j)		3,000		2,880
Series 2020-R01, Class 1M2, 2.20%, 1/25/2040‡(a)(j)		3,800		3,755
Series 2020-R01, Class 1B1, 3.40%, 1/25/2040‡(a)(j)		2,000		1,830
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-4, Class 2A5, 0.70%, 6/25/2035(j)		288		218
CSMA SFR Holdings II (United Kingdom) Zero Coupon, 7/31/2023‡		6,808		6,689

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Deephaven Residential Mortgage Trust
Series 2019-2A, Class B1, 4.72%, 4/25/2059‡(a)(j)		1,500		1,455
Series 2019-2A, Class B2, 5.79%, 4/25/2059‡(a)(j)		1,500		1,393
Series 2019-3A, Class B1, 4.26%, 7/25/2059‡(a)(j)		2,000		1,957
Series 2019-3A, Class B2, 5.66%, 7/25/2059‡(a)(j)		2,000		2,041
Series 2019-4A, Class B1, 3.99%, 10/25/2059‡(a)(j)		6,690		6,662
Series 2019-4A, Class B2, 4.92%, 10/25/2059‡(a)(j)		5,650		5,572
Series 2020-1, Class A1, 2.34%, 1/25/2060(a)(j)		3,612		3,654
Series 2020-1, Class A3, 2.65%, 1/25/2060(a)(j)		4,570		4,616
Series 2020-1, Class M1, 3.01%, 1/25/2060‡(a)(j)		9,500		9,280
Series 2020-1, Class B1, 3.66%, 1/25/2060‡(a)(j)		4,000		3,963
Deutsche Mortgage Securities, Inc., Mortgage Loan Trust Series 2004-1, Class 3A5, 6.16%, 12/25/2033(h)		143		148
Eagle RE Ltd. (Bermuda)
Series 2019-1, Class M1B, 1.95%, 4/25/2029(a)(j)		541		539
Series 2019-1, Class M2, 3.45%, 4/25/2029(a)(j)		2,240		2,194
FHLMC STACR Trust
Series 2018-HQA2, Class M2, 2.45%, 10/25/2048(a)(j)		8,430		8,293
Series 2018-HQA2, Class B1, 4.40%, 10/25/2048(a)(j)		1,670		1,648
Series 2019-HQA2, Class M2, 2.20%, 4/25/2049(a)(j)		1,453		1,433
FHLMC Structured Agency Credit Risk Debt Notes
Series 2015-HQA2, Class M3, 4.95%, 5/25/2028(j)		2,859		2,973
Series 2016-DNA1, Class M3, 5.72%, 7/25/2028(j)		6,703		7,066
Series 2016-HQA1, Class M3, 6.50%, 9/25/2028(j)		1,944		2,062
Series 2016-HQA2, Class M3, 5.30%, 11/25/2028(j)		16,615		17,436
Series 2016-DNA3, Class M3, 5.15%, 12/25/2028(j)		5,164		5,397
Series 2016-DNA4, Class M3, 3.95%, 3/25/2029(j)		2,392		2,482
Series 2016-HQA4, Class M3, 4.05%, 4/25/2029(j)		16,203		16,777
Series 2017-HQA1, Class M2, 3.70%, 8/25/2029(j)		5,287		5,402
Series 2017-DNA2, Class B1, 5.30%, 10/25/2029(j)		7,000		7,321
Series 2017-HQA2, Class B1, 4.90%, 12/25/2029(j)		2,500		2,563
Series 2017-DNA3, Class B1, 4.60%, 3/25/2030(j)		3,500		3,553
Series 2017-HQA3, Class B1, 4.60%, 4/25/2030(j)		1,000		1,007
Series 2018-HQA1, Class M2, 2.45%, 9/25/2030(j)		8,609		8,512
Series 2018-HQA1, Class B1, 4.50%, 9/25/2030(j)		7,510		7,361
FHLMC, REMIC
Series 4102, Class BI, IO, 3.50%, 8/15/2027		1,833		221
Series 4149, IO, 3.00%, 1/15/2033		499		51
Series 4160, IO, 3.00%, 1/15/2033		1,549		153
Series 4212, Class MI, IO, 3.00%, 6/15/2033		2,021		204
Series 2916, Class S, IF, IO, 7.11%, 1/15/2035(j)		2,752		619
Series 3145, Class GI, IF, IO, 6.46%, 4/15/2036(j)		2,451		519
Series 4116, Class LS, IF, IO, 6.06%, 10/15/2042(j)		377		88
Series 4495, Class PI, IO, 4.00%, 9/15/2043		578		52
Series 4321, Class PI, IO, 4.50%, 1/15/2044		489		75
Series 4670, Class TI, IO, 4.50%, 1/15/2044		864		92
Series 4550, Class DI, IO, 4.00%, 3/15/2044		448		46
Series 4612, Class QI, IO, 3.50%, 5/15/2044		696		61
Series 4612, Class PI, IO, 3.50%, 6/15/2044		57		6
Series 4657, Class QI, IO, 4.00%, 9/15/2044		731		71
Series 4585, Class JI, IO, 4.00%, 5/15/2045		440		63
Series 4628, Class PI, IO, 4.00%, 7/15/2045		439		53
Series 4844, Class PI, IO, 4.50%, 1/15/2046		1,942		78
Series 4842, Class PI, IO, 4.50%, 4/15/2046		463		29
Series 4599, Class SA, IF, IO, 5.86%, 7/15/2046(j)		334		72
Series 4681, Class SD, IF, IO, 6.01%, 5/15/2047(j)		811		157
Series 4694, Class SA, IF, IO, 5.96%, 6/15/2047(j)		1,256		201
Series 4689, Class SD, IF, IO, 6.01%, 6/15/2047(j)		1,174		231
Series 4717, Class SP, IF, IO, 5.96%, 8/15/2047(j)		32,456		7,906
Series 4707, Class SA, IF, IO, 6.01%, 8/15/2047(j)		1,044		243
Series 4709, Class SE, IF, IO, 6.01%, 8/15/2047(j)		817		169
Series 4714, Class SA, IF, IO, 6.01%, 8/15/2047(j)		909		198

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 4769, IO, 4.00%, 9/15/2047		5,171		520
Series 4746, Class SC, IF, IO, 6.01%, 1/15/2048(j)		13,023		2,927
Series 4844, Class S, IF, IO, 5.96%, 11/15/2048(j)		9,379		1,342
Series 4910, Class PI, IO, 5.00%, 7/25/2049		3,152		602
Series 4902, Class SA, IF, IO, 5.90%, 8/25/2049(j)		36,042		6,483
Series 4919, Class SH, IF, IO, 5.85%, 9/25/2049(j)		25,620		3,894
Series 4906, Class QS, IF, IO, 5.90%, 9/25/2049(j)		24,725		5,034
Series 4925, Class SA, IF, IO, 5.90%, 10/25/2049(j)		38,420		7,001
Series 4932, Class SA, IF, IO, 5.85%, 11/25/2049(j)		33,090		5,752
Series 4937, Class MS, IF, IO, 5.90%, 12/25/2049(j)		60,795		11,301
Series 4954, Class SY, IF, IO, 5.90%, 2/25/2050(j)		35,358		6,645
Series 4983, Class SY, IF, IO, 5.95%, 5/25/2050(j)		23,752		5,381
Series 4983, Class SA, IF, IO, 5.95%, 6/25/2050(j)		20,975		4,504
Series 4995, Class SB, IF, IO, 5.95%, 7/25/2050(j)		20,079		4,732
Series 5011, Class MI, IO, 3.00%, 9/25/2050		51,469		7,413
Series 5023, Class HI, IO, 3.00%, 10/25/2050		14,172		2,106
Series 5052, Class EI, IO, 3.00%, 12/25/2050		41,000		6,381
Series 4839, Class WS, IF, IO, 5.96%, 8/15/2056(j)		40,006		10,343
FHLMC, STRIPS
Series 304, Class C32, IO, 3.00%, 10/15/2026		340		19
Series 277, Class S6, IF, IO, 5.91%, 9/15/2042(j)		25,205		4,156
Series 342, Class S7, IF, IO, 5.97%, 2/15/2045(j)		14,980		3,498
Flagstar Mortgage Trust Series 2020-1INV, Class A11, 1.00%, 3/25/2050(a)(j)		2,328		2,330
FNMA, Connecticut Avenue Securities
Series 2015-C03, Class 1M2, 5.15%, 7/25/2025‡(j)		3,051		3,129
Series 2016-C02, Class 1M2, 6.17%, 9/25/2028(j)		1,406		1,485
Series 2016-C03, Class 1M2, 5.45%, 10/25/2028(j)		2,098		2,232
Series 2016-C03, Class 2M2, 6.05%, 10/25/2028(j)		1,103		1,180
Series 2016-C05, Class 2M2, 4.60%, 1/25/2029(j)		1,757		1,824
Series 2016-C06, Class 1M2, 4.40%, 4/25/2029(j)		22,382		23,437
Series 2016-C07, Class 2M2, 4.52%, 5/25/2029(j)		6,149		6,384
Series 2017-C01, Class 1M2, 3.70%, 7/25/2029(j)		1,008		1,036
Series 2017-C01, Class 1B1, 5.90%, 7/25/2029(j)		16,485		17,635
Series 2017-C02, Class 2M2, 3.80%, 9/25/2029(j)		11,222		11,404
Series 2017-C02, Class 2B1, 5.65%, 9/25/2029(j)		5,500		5,719
Series 2017-C03, Class 1B1, 5.00%, 10/25/2029(j)		3,000		3,060
Series 2017-C05, Class 1M2, 2.35%, 1/25/2030(j)		10,606		10,546
Series 2017-C05, Class 1B1, 3.75%, 1/25/2030(j)		2,760		2,739
Series 2017-C06, Class 1M2, 2.80%, 2/25/2030(j)		2,390		2,396
Series 2017-C06, Class 2B1, 4.60%, 2/25/2030(j)		8,015		8,015
Series 2017-C07, Class 2M2, 2.65%, 5/25/2030(j)		4,902		4,877
Series 2017-C07, Class 1B1, 4.15%, 5/25/2030(j)		5,200		5,200
Series 2018-C01, Class 1B1, 3.70%, 7/25/2030(j)		2,870		2,863
Series 2018-C02, Class 2M2, 2.35%, 8/25/2030(j)		1,440		1,420
Series 2018-C03, Class 1M2, 2.32%, 10/25/2030(j)		297		294
Series 2018-C04, Class 2M2, 2.70%, 12/25/2030(j)		4,407		4,369
Series 2018-C04, Class 2B1, 4.65%, 12/25/2030(j)		4,250		4,271
Series 2018-C05, Class 1M2, 2.50%, 1/25/2031(j)		1,149		1,141
Series 2018-C05, Class 1B1, 4.40%, 1/25/2031(j)		3,000		2,974
Series 2018-C06, Class 1M2, 2.15%, 3/25/2031(j)		1,368		1,344
Series 2018-C06, Class 2M2, 2.25%, 3/25/2031(j)		948		931
Series 2018-C06, Class 1B1, 3.90%, 3/25/2031(j)		15,310		14,777
Series 2018-C06, Class 2B1, 4.25%, 3/25/2031(j)		2,860		2,746
FNMA, REMIC
Series 2016-68, Class BI, IO, 3.00%, 10/25/2031		1,136		95
Series 2012-93, Class FS, IF, IO, 6.00%, 9/25/2032(j)		3,667		677
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033		3,228		312
Series 2003-76, Class SB, IF, IO, 6.90%, 8/25/2033(j)		2,729		470
Series 2006-42, Class LI, IF, IO, 6.41%, 6/25/2036(j)		2,264		468
Series 2011-79, Class SD, IF, IO, 5.75%, 8/25/2041(j)		6,420		1,269

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2011-78, Class JS, IF, IO, 5.85%, 8/25/2041(j)		2,958		644
Series 2012-101, Class SC, IF, IO, 5.85%, 9/25/2042(j)		11,007		1,720
Series 2012-127, Class AI, IO, 4.00%, 11/25/2042		715		96
Series 2012-133, Class HS, IF, IO, 6.00%, 12/25/2042(j)		341		86
Series 2012-133, Class NS, IF, IO, 6.00%, 12/25/2042(j)		1,536		338
Series 2016-6, Class KI, IO, 4.00%, 2/25/2044		602		65
Series 2015-35, Class SA, IF, IO, 5.45%, 6/25/2045(j)		16,157		2,886
Series 2016-43, Class MI, IO, 4.00%, 10/25/2045		503		76
Series 2016-56, Class ST, IF, IO, 5.85%, 8/25/2046(j)		8,482		2,014
Series 2016-63, Class AS, IF, IO, 5.85%, 9/25/2046(j)		174		37
Series 2016-75, Class SC, IF, IO, 5.95%, 10/25/2046(j)		11,711		2,444
Series 2016-90, Class IN, IO, 3.50%, 12/25/2046		631		91
Series 2016-95, Class ES, IF, IO, 5.85%, 12/25/2046(j)		2,877		687
Series 2017-13, Class AS, IF, IO, 5.90%, 2/25/2047(j)		1,050		233
Series 2017-6, Class SB, IF, IO, 5.90%, 2/25/2047(j)		198		42
Series 2017-16, Class SM, IF, IO, 5.90%, 3/25/2047(j)		6,509		1,338
Series 2017-39, Class ST, IF, IO, 5.95%, 5/25/2047(j)		2,608		548
Series 2017-70, Class SA, IF, IO, 6.00%, 9/25/2047(j)		1,627		367
Series 2017-69, Class SH, IF, IO, 6.05%, 9/25/2047(j)		1,407		307
Series 2017-81, Class SM, IF, IO, 6.05%, 10/25/2047(j)		27,798		6,827
Series 2017-90, Class SP, IF, IO, 6.00%, 11/25/2047(j)		4,435		1,087
Series 2017-93, Class SA, IF, IO, 6.00%, 11/25/2047(j)		24,005		4,518
Series 2017-102, Class IJ, IO, 3.50%, 12/25/2047		1,101		103
Series 2017-112, Class SC, IF, IO, 6.00%, 1/25/2048(j)		5,733		1,022
Series 2018-16, Class SN, IF, IO, 6.10%, 3/25/2048(j)		3,536		618
Series 2018-27, Class SE, IF, IO, 6.05%, 5/25/2048(j)		5,169		1,122
Series 2018-67, Class SN, IF, IO, 6.05%, 9/25/2048(j)		10,254		2,030
Series 2019-32, Class PI, IO, 5.00%, 10/25/2048		2,188		346
Series 2018-73, Class SC, IF, IO, 6.05%, 10/25/2048(j)		7,334		1,450
Series 2019-47, Class QI, IO, 4.50%, 6/25/2049		4,099		664
Series 2019-37, Class CS, IF, IO, 5.90%, 7/25/2049(j)		6,325		1,602
Series 2019-42, Class SK, IF, IO, 5.90%, 8/25/2049(j)		13,493		2,511
Series 2019-62, Class SP, IF, IO, 5.90%, 11/25/2049(j)		28,286		6,499
Series 2020-54, Class AS, IF, IO, 6.00%, 8/25/2050(j)		47,568		10,564
Series 2017-57, Class SA, IF, IO, 5.95%, 8/25/2057(j)		1,274		264
FNMA, STRIPS
Series 421, Class 7, IO, 3.50%, 5/25/2030		290		19
Series 421, Class C3, IO, 4.00%, 7/25/2030		521		47
FTF 8.00%, 8/15/2024		6,500		3,413
GCAT Trust
Series 2020-NQM1, Class M1, 2.93%, 1/25/2060‡(a)(j)		10,871		10,691
Series 2020-NQM1, Class B1, 3.64%, 1/25/2060‡(a)(j)		3,000		2,962
GMACM Mortgage Loan Trust Series 2004-J2, Class A8, 5.75%, 6/25/2034		49		50
GNMA
Series 2013-182, Class MS, IF, IO, 5.99%, 12/20/2043(j)		14,737		3,539
Series 2015-110, Class MS, IF, IO, 5.56%, 8/20/2045(j)		10,232		1,662
Series 2016-33, Class US, IF, IO, 5.90%, 3/20/2046(j)		16,563		3,087
Series 2016-49, Class SB, IF, IO, 5.90%, 4/20/2046(j)		6,629		1,361
Series 2016-48, Class DS, IF, IO, 5.95%, 4/20/2046(j)		28,568		6,037
Series 2016-83, Class SA, IF, IO, 5.95%, 6/20/2046(j)		4,057		823
Series 2016-108, Class SN, IF, IO, 5.93%, 8/20/2046(j)		20,281		4,616
Series 2016-108, Class SM, IF, IO, 5.95%, 8/20/2046(j)		4,672		1,072
Series 2016-111, Class SA, IF, IO, 5.95%, 8/20/2046(j)		7,819		1,808
Series 2016-120, Class NS, IF, IO, 5.95%, 9/20/2046(j)		5,207		1,018
Series 2016-120, Class SA, IF, IO, 5.95%, 9/20/2046(j)		25,877		6,174
Series 2016-146, Class NS, IF, IO, 5.95%, 10/20/2046(j)		6,417		1,526
Series 2016-147, Class AS, IF, IO, 5.95%, 10/20/2046(j)		9,212		1,860
Series 2017-192, Class PI, IO, 4.00%, 1/20/2047		1,903		152
Series 2017-36, Class SL, IF, IO, 6.06%, 3/16/2047(j)		10,023		2,096
Series 2019-132, Class KI, IO, 3.50%, 3/20/2047		2,672		190
Series 2017-68, Class DS, IF, IO, 6.00%, 5/20/2047(j)		21,359		4,551

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2017-68, Class SA, IF, IO, 6.00%, 5/20/2047(j)		4,764		972
Series 2017-80, Class AS, IF, IO, 6.05%, 5/20/2047(j)		5,164		1,133
Series 2017-85, Class SA, IF, IO, 6.00%, 6/20/2047(j)		7,587		1,351
Series 2017-101, Class SK, IF, IO, 6.05%, 7/20/2047(j)		11,276		2,291
Series 2017-107, Class KS, IF, IO, 6.05%, 7/20/2047(j)		10,495		1,949
Series 2017-120, Class ES, IF, IO, 6.05%, 8/20/2047(j)		8,997		1,987
Series 2017-134, Class SB, IF, IO, 6.05%, 9/20/2047(j)		7,160		1,220
Series 2017-134, Class SD, IF, IO, 6.05%, 9/20/2047(j)		11,318		2,493
Series 2017-155, Class KS, IF, IO, 6.05%, 10/20/2047(j)		8,193		1,433
Series 2017-161, Class DS, IF, IO, 6.10%, 10/20/2047(j)		5,666		1,383
Series 2017-163, Class HS, IF, IO, 6.05%, 11/20/2047(j)		15,705		2,956
Series 2017-180, Class SD, IF, IO, 6.05%, 12/20/2047(j)		8,187		1,870
Series 2018-7, Class DS, IF, IO, 5.55%, 1/20/2048(j)		5,526		916
Series 2018-6, Class CS, IF, IO, 6.05%, 1/20/2048(j)		6,247		1,426
Series 2018-36, Class SG, IF, IO, 6.05%, 3/20/2048(j)		5,321		925
Series 2018-46, Class AS, IF, IO, 6.05%, 3/20/2048(j)		19,561		4,570
Series 2018-63, Class BS, IF, IO, 6.05%, 4/20/2048(j)		12,585		2,642
Series 2018-63, Class SB, IF, IO, 6.05%, 4/20/2048(j)		6,708		1,143
Series 2018-65, Class DS, IF, IO, 6.05%, 5/20/2048(j)		7,740		1,808
Series 2018-125, Class SU, IF, IO, 6.05%, 9/20/2048(j)		23,401		4,519
Series 2018-147, Class SD, IF, IO, 6.00%, 10/20/2048(j)		5,146		842
Series 2019-33, Class PI, IO, 4.00%, 11/20/2048		198		37
Series 2019-1, Class SG, IF, IO, 5.90%, 1/20/2049(j)		18,867		3,542
Series 2019-49, Class SB, IF, IO, 5.39%, 4/20/2049(j)		11,672		1,602
Series 2019-42, Class SJ, IF, IO, 5.90%, 4/20/2049(j)		12,226		1,737
Series 2019-43, Class LS, IF, IO, 5.90%, 4/20/2049(j)		5,497		1,007
Series 2019-65, Class ST, IF, IO, 5.90%, 5/20/2049(j)		19,413		2,951
Series 2019-56, Class GS, IF, IO, 6.00%, 5/20/2049(j)		12,339		2,457
Series 2019-71, Class SA, IF, IO, 6.00%, 6/20/2049(j)		21,173		3,893
Series 2019-71, Class SK, IF, IO, 6.00%, 6/20/2049(j)		18,073		3,029
Series 2019-85, Class CS, IF, IO, 5.95%, 7/20/2049(j)		33,186		6,412
Series 2019-86, Class ST, IF, IO, 5.95%, 7/20/2049(j)		17,506		2,592
Series 2019-89, Class KS, IF, IO, 5.95%, 7/20/2049(j)		25,509		3,946
Series 2019-103, Class SC, IF, IO, 5.90%, 8/20/2049(j)		35,064		6,099
Series 2019-99, Class SJ, IF, IO, 5.90%, 8/20/2049(j)		17,735		2,922
Series 2019-97, Class GS, IF, IO, 5.95%, 8/20/2049(j)		41,533		7,267
Series 2019-115, Class SA, IF, IO, 5.90%, 9/20/2049(j)		16,716		2,775
Series 2019-115, Class US, IF, IO, 5.90%, 9/20/2049(j)		21,794		3,665
Series 2019-119, Class SA, IF, IO, 5.90%, 9/20/2049(j)		30,398		5,410
Series 2019-120, Class DS, IF, IO, 5.90%, 9/20/2049(j)		21,536		3,857
Series 2019-115, Class SW, IF, IO, 5.95%, 9/20/2049(j)		42,046		6,124
Series 2019-117, Class SA, IF, IO, 5.95%, 9/20/2049(j)		25,218		4,965
Series 2019-132, Class SK, IF, IO, 5.90%, 10/20/2049(j)		25,195		3,497
Series 2019-138, Class SW, IF, IO, 5.90%, 10/20/2049(j)		5,050		882
Series 2019-158, Class SG, IF, IO, 5.90%, 12/20/2049(j)		28,653		4,533
Series 2020-11, Class LS, IF, IO, 5.90%, 1/20/2050(j)		76,970		11,795
Series 2020-33, Class SB, IF, IO, 5.90%, 3/20/2050(j)		32,278		8,195
Series 2020-86, Class TS, IF, IO, 5.45%, 6/20/2050(j)		17,902		3,182
Series 2020-101, Class SA, IF, IO, 6.05%, 7/20/2050(j)		98,028		21,953
Series 2020-101, Class SJ, IF, IO, 6.05%, 7/20/2050(j)		73,498		16,790
Series 2015-H13, Class GI, IO, 1.60%, 4/20/2065(j)		2,473		106
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051‡		332		322
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036(a)(j)		179		87
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 3.38%, 9/25/2035(j)		170		175
HarborView Mortgage Loan Trust Series 2006-14, Class 1A1A, 0.33%, 1/25/2047(j)		9,653		9,281
Homeward Opportunities Fund I Trust
Series 2019-1, Class M1, 3.95%, 1/25/2059‡(a)(j)		2,220		2,265
Series 2019-1, Class B1, 4.80%, 1/25/2059‡(a)(j)		2,600		2,707

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019-3, Class B1, 4.02%, 11/25/2059‡(a)(j)		5,000		5,095
Homeward Opportunities Fund Trust Series 2020-BPL1, Class A2, 5.44%, 8/25/2025(a)(h)		7,653		7,653
Hunt Companies Finance Trust, Inc. 7.25%, 2/13/2025		1,500		1,500
Impac CMB Trust Series 2005-1, Class 1A2, 0.77%, 4/25/2035(j)		330		325
IndyMac INDX Mortgage Loan Trust Series 2007-AR21, Class 6A1, 2.97%, 9/25/2037(j)		16,334		13,612
JP Morgan Mortgage Trust Series 2006-S1, Class 1A1, 6.00%, 4/25/2036		58		63
JPMorgan Alternative Loan Trust Series 2006-S3, Class A4, 6.31%, 8/25/2036(h)		2,988		2,878
Lehman Mortgage Trust Series 2007-7, Class 5A7, 6.50%, 8/25/2037		14,414		10,408
LHOME Mortgage Trust
Series 2019-RTL2, Class A2, 4.34%, 3/25/2024(a)(h)		8,580		8,495
Series 2019-RTL3, Class A1, 3.87%, 7/25/2024(a)		12,000		12,153
Series 2019-RTL3, Class A2, 4.34%, 7/25/2024(a)(h)		9,300		9,188
Series 2020-RTL1, Class A2, 3.72%, 10/25/2024(a)(h)		4,250		4,128
MASTR Alternative Loan Trust Series 2003-5, Class 30B1, 5.91%, 8/25/2033‡(j)		59		60
MASTR Asset Securitization Trust Series 2003-11, Class 7A2, 5.25%, 12/25/2033		49		50
Merrill Lynch Mortgage Investors Trust Series 2003-A5, Class 2A6, 2.73%, 8/25/2033(j)		80		79
New Residential Mortgage Loan Trust
Series 2019-2A, Class A1IB, IO, 1.00%, 12/25/2057(a)(j)		18,341		470
Series 2018-3A, Class A1IC, IO, 1.50%, 5/25/2058(a)(j)		38,892		1,619
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059‡(a)(j)		3,042		3,016
OBX Trust Series 2020-EXP1, Class 2A1, 0.90%, 2/25/2060(a)(j)		4,167		4,186
P-stlb 9.25%, 10/11/2026‡		7,700		7,700
PMT Credit Risk Transfer Trust
Series 2019-2R, Class A, 2.90%, 5/27/2023(a)(j)		1,953		1,884
Series 2019-1R, Class A, 2.15%, 3/27/2024(a)(j)		5,147		4,689
PRPM
Series 2019-GS1, Class A1, 3.50%, 10/25/2024(a)(j)		11,704		11,768
Series 2019-GS1, Class A2, 4.75%, 10/25/2024(a)(j)		4,598		4,592
PRPM LLC
Series 2020-2, Class A1, 3.67%, 8/25/2025(a)(h)		1,889		1,905
Series 2020-3, Class A1, 2.86%, 9/25/2025(a)(h)		1,681		1,682
Series 2020-3, Class A2, 5.07%, 9/25/2025(a)(h)		3,400		3,400
RAAC Trust Series 2005-SP1, Class 4A1, 7.00%, 9/25/2034		108		112
Repo Buyer 8.32%, 5/14/2022‡		3,999		3,999
Repo Buyer RRI Trust 3.06%, 4/14/2055‡		9,512		9,480
RSFR Series 2020-1, Class PT, 4.21%, 2/17/2025(a)(h)		19,804		19,379
SART
5.64%, 2/15/2024‡		1,001		973
4.75%, 7/15/2024		393		395
4.76%, 6/15/2025		957		971
SART CRR
Series 4, Class B, 4.70%, 10/15/2024‡		2,004		1,945
5.01%, 4/15/2026‡		1,526		1,483
4.60%, 7/15/2026‡		1,888		1,832
Seasoned Credit Risk Transfer Trust Series 2017-3, Class AIO, IO, 0.02%, 7/25/2056(j)		27,337		25
STACR Trust
Series 2018-HRP1, Class M2, 1.80%, 4/25/2043‡(a)(j)		843		825
Series 2018-HRP1, Class B1, 3.90%, 4/25/2043‡(a)(j)		2,830		2,779
Series 2018-HRP2, Class M3, 2.55%, 2/25/2047‡(a)(j)		15,859		15,382
Series 2018-DNA3, Class B1, 4.05%, 9/25/2048‡(a)(j)		2,300		2,260
Starwood Mortgage Residential Trust Series 2019-1, Class M1, 3.76%, 6/25/2049‡(a)(j)		3,500		3,543
Structured Adjustable Rate Mortgage Loan Trust Series 2007-9, Class 1A1, 1.74%, 10/25/2037(j)		2,505		2,380
Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 1A1, 1.00%, 5/25/2047(j)		16,830		13,082
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021(a)(h)		726		728
TVC Mortgage Trust Series 2020-RTL1, Class A2, 3.97%, 9/25/2024(a)(h)		5,500		5,380
Verus Securitization Trust Series 2018-2, Class A1, 3.68%, 6/1/2058(a)(j)		304		307

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2018-INV2, Class A1FL, 1.35%, 10/25/2058(a)(j)		3,606		3,613
Series 2019-4, Class M1, 3.21%, 11/25/2059‡(a)(j)		5,200		5,318
Series 2019-INV3, Class B1, 3.73%, 11/25/2059‡(a)(j)		7,606		7,664
Series 2019-4, Class B1, 3.86%, 11/25/2059‡(a)(j)		2,200		2,172
Series 2019-INV1, Class M1, 4.03%, 12/25/2059(a)(j)		1,190		1,204
Series 2019-INV1, Class B1, 4.99%, 12/25/2059(a)		750		758
Series 2020-1, Class A2, 2.64%, 1/25/2060(a)(h)		6,307		6,427
Series 2020-1, Class A3, 2.72%, 1/25/2060(a)(h)		4,483		4,563
Series 2020-1, Class M1, 3.02%, 1/25/2060‡(a)(j)		1,990		1,988
Series 2020-1, Class B1, 3.62%, 1/25/2060‡(a)(j)		1,150		1,150
Series 2020-2, Class A1, 2.23%, 5/25/2060(a)(j)		863		871
Visio Trust Series 2019-2, Class B1, 3.91%, 11/25/2054‡(a)(j)		820		818
VOLT PT 7/27/2023‡		19,687		18,851
WaMu Mortgage Pass-Through Certificates Series 2003-S4, Class 2A2, 5.50%, 6/25/2033		129		133
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 2.89%, 8/25/2033(j)		150		154
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		117		120
Series 2005-AR7, Class A3, 2.96%, 8/25/2035(j)		95		97
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,163,349)				1,140,587
MORTGAGE-BACKED SECURITIES — 4.2%
FNMA UMBS, 30 Year Pool # MA4159, 2.50%, 10/1/2050		273,179		286,544
GNMA II, 30 Year
Pool # BF2605, 5.50%, 5/20/2048		971		1,091
Pool # BN2462, 4.50%, 6/20/2048		215		231
Pool # BH2761, 4.50%, 9/20/2048		2,311		2,563
Pool # BJ4027, 4.50%, 9/20/2048		615		682
Pool # BJ4052, 4.50%, 9/20/2048		522		578
Pool # BH5219, 4.50%, 10/20/2048		504		558
Pool # BI9909, 4.50%, 10/20/2048		942		1,043
Pool # BJ0977, 4.50%, 10/20/2048		602		668
Pool # BJ4126, 4.50%, 10/20/2048		650		722
Pool # BJ4168, 4.50%, 10/20/2048		1,081		1,197
Pool # BJ4297, 4.50%, 10/20/2048		620		685
Pool # BJ4354, 4.50%, 10/20/2048		683		756
Pool # BJ4396, 4.50%, 10/20/2048		1,064		1,177
Pool # BJ9835, 4.50%, 1/20/2049		1,085		1,211
Pool # BJ9839, 4.38%, 4/20/2049		613		693
Pool # BL9253, 4.50%, 6/20/2049		597		647
Pool # BN2463, 4.50%, 6/20/2049		114		124
Pool # BJ9846, 4.50%, 7/20/2049		1,694		1,902
Pool # BM5450, 4.50%, 7/20/2049		866		938
Pool # BJ9850, 4.50%, 8/20/2049		747		839
Pool # BJ9854, 4.50%, 9/20/2049		1,078		1,209
Pool # BJ9863, 4.50%, 11/20/2049		1,576		1,770
Pool # BQ8922, 4.50%, 12/20/2049		739		880
TOTAL MORTGAGE-BACKED SECURITIES (Cost $308,129)				308,708
FOREIGN GOVERNMENT SECURITIES — 2.9%
Arab Republic of Egypt (Egypt)
7.05%, 1/15/2032(f)		10,300		10,889
8.88%, 5/29/2050(f)		3,200		3,557
Democratic Socialist Republic of Sri Lanka (Sri Lanka) 6.20%, 5/11/2027(f)		7,850		4,612
Dominican Republic Government Bond (Dominican Republic) 5.88%, 1/30/2060(a)		13,650		14,226
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024(f)		4,400		4,320
Federal Republic of Nigeria (Nigeria)
7.14%, 2/23/2030(f)		14,000		14,709
7.63%, 11/28/2047(f)		1,400		1,426

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Hashemite Kingdom of Jordan (Jordan) 7.38%, 10/10/2047(f)		6,600		7,328
Kingdom of Bahrain (Bahrain)
7.00%, 10/12/2028(f)		1,900		2,176
5.45%, 9/16/2032(a)		6,689		6,940
Republic of Angola (Angola)
8.00%, 11/26/2029(a)		5,720		4,977
8.00%, 11/26/2029(f)		500		435
9.13%, 11/26/2049(f)		5,100		4,373
Republic of Belarus (Belarus)
6.88%, 2/28/2023(f)		1,600		1,650
7.63%, 6/29/2027(f)		2,700		2,888
Republic of Costa Rica (Costa Rica)
4.38%, 4/30/2025(f)		1,100		980
5.63%, 4/30/2043(f)		1,200		950
Republic of Cote d’Ivoire (Ivory Coast)
6.38%, 3/3/2028(f)		13,737		15,450
5.75%, 12/31/2032(f)(h)		2,541		2,543
Republic of El Salvador (El Salvador)
8.63%, 2/28/2029(f)		7,700		7,187
7.63%, 2/1/2041(f)		4,400		3,784
7.12%, 1/20/2050(f)		3,700		3,083
Republic of Ghana (Ghana)
6.38%, 2/11/2027(f)		7,900		7,932
7.88%, 2/11/2035(a)		1,420		1,382
8.95%, 3/26/2051(f)		500		497
8.75%, 3/11/2061(f)		3,700		3,630
8.75%, 3/11/2061(a)		3,300		3,238
Republic of Iraq (Iraq) 5.80%, 1/15/2028(f)		3,750		3,443
Republic of Kenya (Kenya)
6.88%, 6/24/2024(f)		1,700		1,839
8.00%, 5/22/2032(a)		1,780		2,032
8.00%, 5/22/2032(f)		9,000		10,274
Republic of Namibia (Namibia) 5.25%, 10/29/2025(f)		4,900		5,128
Republic of Paraguay (Paraguay)
6.10%, 8/11/2044(f)		6,375		8,441
5.40%, 3/30/2050(a)		2,970		3,705
Republic of Senegal (Senegal)
6.25%, 5/23/2033(f)		1,400		1,544
6.75%, 3/13/2048(f)		8,600		9,320
Republic of South Africa (South Africa)
5.00%, 10/12/2046		1,600		1,435
5.75%, 9/30/2049		6,020		5,790
Sultanate of Oman Government Bond (Oman)
4.88%, 2/1/2025(f)		4,100		4,082
5.38%, 3/8/2027(f)		2,900		2,838
7.38%, 10/28/2032(a)		1,791		1,876
Ukraine Government Bond (Ukraine)
8.99%, 2/1/2024(f)		3,400		3,796
7.75%, 9/1/2025(f)		4,600		5,055
9.75%, 11/1/2028(f)		3,700		4,403
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $213,818)				210,163
	Shares (000)
EXCHANGE-TRADED FUNDS — 0.6%
SPDR Blackstone (Cost $43,261)		975		43,992
	Principal Amount ($000)
LOAN ASSIGNMENTS — 0.3%(l)
Aerospace & Defense — 0.0%(c)
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 10/4/2024(e)		4		3
Automobiles — 0.0%(c)
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 8/14/2024(e)		99		95
Chemicals — 0.0%(c)
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 1.97%, 6/1/2024(e)		259		254
Gates Global LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/1/2024(e)(m)		2,000		1,980
				2,234
Construction & Engineering — 0.0%(c)
Thor, Inc. 1st Lien Term Loan C Series 2018, Class C Shares, (ICE LIBOR USD 1 Month + 4.25%), 4.25%, 5/15/2025‡(e)		907		885
Containers & Packaging — 0.1%
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.48%, 4/3/2024(e)(m)		1,500		1,426
Graham Packaging Co., Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 8/4/2027(e)		2,000		1,997
				3,423
Diversified Consumer Services — 0.0%(c)
Ensemble RCM LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 3.96%, 8/3/2026(e)		89		89
Diversified Financial Services — 0.1%
Nestle Skin Health SA, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 10/1/2026(e)		3,000		2,996
Diversified Telecommunication Services — 0.0%(c)
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024(e)		206		205

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Intelsat Jackson Holdings, 1st Lien Term Loan (Luxembourg) (1-MONTH PRIME + 4.75%), 8.00%, 11/27/2023(e)		50		51
				256
Electric Utilities — 0.0%(c)
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024(e)		44		39
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024(e)		2		2
				41
Food & Staples Retailing — 0.1%
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 4/1/2024‡(e)		2,180		2,180
Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 10/1/2024(e)		79		69
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 10/22/2025(e)		150		149
				2,398
Health Care Equipment & Supplies — 0.0%(c)
Avantor Funding, Inc., Term B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 11/8/2027(e)(m)		1,500		1,498
Health Care Providers & Services — 0.0%(c)
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 6/7/2023(e)		1,110		1,094
Hotels, Restaurants & Leisure — 0.0%(c)
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (Canada) (ICE LIBOR USD 3 Month + 3.50%), 7.50%, 12/1/2023(e)		293		273
Interactive Media & Services — 0.0%(c)
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 4.00%, 11/3/2023(e)		145		144
IT Services — 0.0%(c)
Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 3/9/2027(e)(m)		2,000		1,963
Leisure Products — 0.0%(c)
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022‡(e)(i)		58		29
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100(e)(i)		247		—
				29
Oil, Gas & Consumable Fuels — 0.0%(c)
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.25%, 8/25/2023(e)		677		491
Pharmaceuticals — 0.0%(c)
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 3 Month + 5.50%), 6.50%, 9/6/2024(e)		671		650
Software — 0.0%(c)
Ascend Learning LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024(e)(m)		1,500		1,496
Greeneden US Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 12/1/2023(e)		96		96
				1,592
Specialty Retail — 0.0%(c)
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 6.65%, 12/18/2026(e)(n)		12		10
TOTAL LOAN ASSIGNMENTS (Cost $20,156)				20,164
	Shares (000)
PREFERRED STOCKS — 0.2%
Electric Utilities — 0.2%
SCE Trust II 5.10%, 5/5/2020 ($25 par value)(o)		30		744
SCE Trust VI 5.00%, 6/26/2022 ($25 par value)(o)		240		5,669
Southern Co. (The) Series 2020, 4.95%, 1/30/2080 ($25 par value)		193		5,259
				11,672
Insurance — 0.0%(c)
MetLife, Inc. Series F, 4.75%, 3/15/2025 ($25 par value)(o)		97		2,595

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)			Value ($000)
Internet & Direct Marketing Retail — 0.0%(c)
MYT Holding LLC Series A, 10.00%, 6/6/2029‡		16			19
TOTAL PREFERRED STOCKS (Cost $13,671)					14,286
COMMON STOCKS — 0.1%
Aerospace & Defense — 0.0%
Remington Outdoor Co., Inc.*‡		5			—
Auto Components — 0.0%(c)
Reminco LLC*‡		2			2
Food & Staples Retailing — 0.0%(c)
Moran Foods Backstop Equity*‡		45			45
Media — 0.0%(c)
Clear Channel Outdoor Holdings, Inc.*		6			9
iHeartMedia, Inc., Class A*		—	(p)		3
					12
Oil, Gas & Consumable Fuels — 0.1%
Battalion Oil Corp.*		1			5
California Resources Corp.*		4			87
Denbury, Inc.*		51			1,147
EP Energy Corp.*		11			265
Oasis Petroleum, Inc.*		90			3,062
Whiting Petroleum Corp.*		113			2,557
					7,123
Professional Services — 0.0%(c)
NMG, Inc.*‡		—	(p)		—	(p)
Specialty Retail — 0.0%(c)
Claire’s Stores, Inc.*‡		—	(p)		3
TOTAL COMMON STOCKS (Cost $10,179)					7,185
	Principal Amount ($000)
MUNICIPAL BONDS — 0.0%(c)(q)
California — 0.0%(c)
Los Angeles Community College District, Election of 2008 Series E, GO, 6.75%, 8/1/2049		100			179
Orange County Water District Series 2017B, Rev., 4.06%, 8/15/2041		290			319
Regents of the University of California Series R, Rev., 5.77%, 5/15/2043		140			201
University of California, Medical Center, Build America Series F, Rev., 6.58%, 5/15/2049		255			409
University of California, Taxable Limited Project Series J, Rev., 4.13%, 5/15/2045		100			121
Total California					1,229
Colorado — 0.0%(c)
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		175			191
Illinois — 0.0%(c)
Illinois Finance Authority, University of Chicago (The) Series A, Rev., 4.00%, 10/1/2049		25			26
Indiana — 0.0%(c)
Indianapolis Local Public Improvement Bond Bank, Marion County Health and Hospital Series B-2, Rev., 6.12%, 1/15/2040		240			350
New Jersey — 0.0%(c)
New Jersey Transportation Trust Fund Authority, Transportation System Series 2012A, Rev., 5.00%, 6/15/2042		25			26
Texas — 0.0%(c)
North Texas Tollway Authority System, First Tier Series B, Rev., 6.72%, 1/1/2049		131			227
TOTAL MUNICIPAL BONDS (Cost $1,739)					2,049
	No. of Contracts
OPTIONS PURCHASED — 0.0%(c)
CALL OPTIONS PURCHASED — 0.0%(c)
Future Interest Rate Options — 0.0%(c)
U.S. Treasury 10 Year Note 12/24/2020 at USD 139.50, American Style Notional Amount: USD 1,367,000 Exchange-Traded* (Cost $1,093)		13,670			854
	No. of Warrants (000)
WARRANTS — 0.0%(c)
Diversified Telecommunication Services — 0.0%(c)
Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD*‡		—	(p)		7

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	No. of Warrants (000)			Value ($000)
Media — 0.0%(c)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD*‡		—	(p)		—	(p)
Wireless Telecommunication Services — 0.0%(c)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD*‡		2			15
TOTAL WARRANTS (Cost $37)					22
	Shares (000)
SHORT-TERM INVESTMENTS — 0.4%
INVESTMENT COMPANIES — 0.4%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(r)(s)(Cost $26,506)		26,490			26,506
TOTAL SHORT-TERM INVESTMENTS (Cost $26,506)					26,506
Total Investments — 99.0% (Cost $7,274,223)					7,243,897
Other Assets Less Liabilities — 1.0%					73,866
Net Assets — 100.0%					7,317,763

Percentages indicated are based on net assets.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
CJSC	Closed Joint Stock Company
CLO	Collateralized Loan Obligations
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of November 30, 2020. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
PT	Limited liability company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
Rev.	Revenue
SCA	Limited partnership with share capital
SPC	Special purpose company
SPDR	Standard & Poor’s Depository Receipts
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2020.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2020.
(f)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(g)	Security is an interest bearing note with preferred security characteristics.
(h)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2020.
(i)	Defaulted security.
(j)	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 November 30, 2020.
(k)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(l)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(m)	All or a portion of this security is unsettled as of November 30, 2020. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(n)	Fund is subject to legal or contractual restrictions on the resale of the security.
(o)	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of November 30, 2020.
(p)	Amount rounds to less than one thousand.
(q)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(r)	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.
(s)	The rate shown is the current yield as of November 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of November 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
U.S. Treasury 2 Year Note		3,904		03/2021	USD		862,205		297
U.S. Treasury 5 Year Note		275		03/2021	USD		34,650		21
U.S. Treasury 10 Year Note		282		03/2021	USD		38,947		—	(a)
U.S. Treasury 10 Year Ultra Note		1,556		03/2021	USD		244,316		(37	)

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

U.S. Treasury Long Bond	91		03/2021	USD	15,897		(6	)
U.S. Treasury Ultra Bond	312		03/2021	USD	67,294		(633	)
							(358	)
Short Contracts
U.S. Treasury 2 Year Note	(2,967	)	03/2021	USD	(655,267	)	(255	)
U.S. Treasury 5 Year Note	(1,046	)	03/2021	USD	(131,796	)	(91	)
U.S. Treasury 10 Year Note	(6,060	)	03/2021	USD	(836,943	)	(57	)
U.S. Treasury Ultra Bond	(1,436	)	03/2021	USD	(309,727	)	2,904
							2,501
							2,143

Abbreviations

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

Over-the-Counter (“OTC”) Credit default swap contracts outstanding—sell protection^(a) as of November 30, 2020 (amounts in thousands):

Reference Obligation/ Index	Financing Rate Received by the Fund (%)		Payment Frequency		Counterparty		Maturity Date		Implied Credit Spread (%)(b)		Notional Amount(c)		Upfront Payments (Receipts) ($)(d)			Unrealized Appreciation (Depreciation) ($)			Value ($)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		4.83		USD   5,000		(57	)		(528	)		(585	)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		4.83		USD   7,500		(41	)		(837	)		(878	)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		4.83		USD   5,000		(176	)		(410	)		(586	)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		4.83		USD   5,000		(251	)		(334	)		(585	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.83		USD 12,500		(140	)		(1,323	)		(1,463	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.83		USD   5,500		(66	)		(578	)		(644	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.83		USD   8,017		(96	)		(842	)		(938	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.83		USD 12,500		(60	)		(1,404	)		(1,464	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.83		USD   5,000		(249	)		(336	)		(585	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.83		USD   2,500		(125	)		(168	)		(293	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		4.83		USD 12,500		(376	)		(1,087	)		(1,463	)
														(1,637	)		(7,847	)		(9,484	)

Centrally Cleared Credit default swap contracts outstanding - buy protection^(e) as of November 30, 2020 (amounts in thousands):

Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)(b)		Notional Amount(c)		Upfront Payments (Receipts) ($)(d)			Unrealized Appreciation (Depreciation) ($)			Value ($)
CDX.NA.EM.34-V1		1.00		Quarterly		12/20/2025		1.65		USD 177,000		8,792			(3,601	)	5,191
CDX.NA.HY.35-V1		5.00		Quarterly		12/20/2025		3.04		USD 261,840		(13,121	)		(12,881	)	(26,002)
												(4,329	)		(16,482	)	(20,811)

(a)

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

(b)

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(c)	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.
(d)	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
(e)	The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

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

Summary of total OTC swap contracts outstanding as of November 30, 2020 (amounts in thousands):

	Net Upfront Payments (Receipts) ($)			Value ($)
Liabilities
OTC Credit default swap contracts outstanding - sell protection		(1,637	)		(9,484	)

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

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

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

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

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

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

Futures contracts are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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 November 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.

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	$	—		$	959,099		$	447,394		$	1,406,493
Collateralized Mortgage Obligations		—			888,648			251,939			1,140,587
Commercial Mortgage-Backed Securities		—			1,574,881			319,215			1,894,096
Common Stocks
Aerospace & Defense		—			—			—	(a)		—	(a)
Auto Components		—			—			2			2
Food & Staples Retailing		—			—			45			45
Media		12			—			—			12
Oil, Gas & Consumable Fuels		6,858			265			—			7,123
Professional Services		—			—			—	(b)		—	(b)
Specialty Retail		—			—			3			3
Total Common Stocks		6,870			265			50			7,185
Corporate Bonds		—			2,168,792			—			2,168,792
Exchange-Traded Funds		43,992			—			—			43,992
Foreign Government Securities		—			210,163			—			210,163
Loan Assignments
Aerospace & Defense		—			3			—			3
Automobiles		—			95			—			95
Chemicals		—			2,234			—			2,234
Construction & Engineering		—			—			885			885
Containers & Packaging		—			3,423			—			3,423
Diversified Consumer Services		—			89			—			89
Diversified Financial Services		—			2,996			—			2,996
Diversified Telecommunication Services		—			256			—			256
Electric Utilities		—			41			—			41
Food & Staples Retailing		—			218			2,180			2,398
Health Care Equipment & Supplies		—			1,498			—			1,498
Health Care Providers & Services		—			1,094			—			1,094
Hotels, Restaurants & Leisure		—			273			—			273
Interactive Media & Services		—			144			—			144
IT Services		—			1,963			—			1,963
Leisure Products		—			—	(a)		29			29
Oil, Gas & Consumable Fuels		—			491			—			491
Pharmaceuticals		—			650			—			650
Software		—			1,592			—			1,592
Specialty Retail		—			10			—			10
Total Loan Assignments		—			17,070			3,094			20,164
Mortgage-Backed Securities		—			308,708			—			308,708
Municipal Bonds		—			2,049			—			2,049
Options Purchased
Call Options Purchased		854			—			—			854
Preferred Stocks
Electric Utilities		11,672			—			—			11,672
Insurance		2,595			—			—			2,595
Internet & Direct Marketing Retail		—			—			19			19
Total Preferred Stocks		14,267			—			19			14,286
Warrants		—			—			22			22
Short-Term Investments
Investment Companies		26,506			—			—			26,506
Total Investments in Securities	$	92,489		$	6,129,675		$	1,021,733		$	7,243,897
Appreciation in Other Financial Instruments
Futures Contracts	$	3,222		$	—		$	—		$	3,222
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,022	)	$	(57	)	$	—		$	(1,079	)
Swaps		—			(24,329	)		—			(24,329	)
Total Depreciation in Other Financial Instruments	$	(1,022	)	$	(24,386	)	$	—		$	(25,408	)

(a) Value is zero.

(b) Amount rounds to less than one thousand.

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

Security Description	Balance as of February 29, 2020			Realized gain (loss)			Change in net unrealized appreciation (depreciation)*			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2020			Horizontal Footing		Variance
Investments in Securities:
Asset-Backed Securities	$	351,115		$	(1,506	)	$	(3,877	)	$	61		$	184,532		$	(79,815	)	$	27,127	$	(30,243	)	$	447,394			447,394		—
Collateralized Mortgage Obligations		170,293			281			(5,134	)		(98	)		43,040			(38,114	)		84,870		(3,199	)		251,939			251,939		—
Commercial Mortgage-Backed Securities		174,388			(7,626	)		(37,639	)		341			124,630			(39,515	)		109,188		(4,552	)		319,215			319,215		—
Common Stocks - Aerospace & Defense		4			—			(4	)		—			—			—			—		—			—	(a)		—		—
Common Stocks - Auto Components		—	(a)		—			2			—			—			—			—		—			2			2		—
Common Stocks - Capital Markets		35			35			(17	)		—			—			(53	)		—		—			—	(a)		—		—
Common Stocks - Food & Staples Retailing		—	(a)		—			43			—			2			—			—		—			45			45		—
Common Stocks - Professional Services		—	(a)		—			—	(b)		—			—	(b)		—			—		—			—	(b)		—		—
Common Stocks - Specialty Retail		5			—			(2	)		—			—			—			—		—			3			3		—
Corporate Bonds - Wireless Telecommunication Services		5,977			15			(202	)		19			—			(5,809	)		—		—			—	(a)		—		—
Loan Assignments - Construction & Engineering		1,064			—			(5	)		5			—			(179	)		—		—			885			885		—
Loan Assignments - Food & Staples Retailing		—	(a)		—			182			28			1,970			—			—		—			2,180			2180		—
Loan Assignments - Leisure Products		58			—			(29	)		—			—	(b)		—			—		—			29			29		—
Preferred Stocks - Internet & Direct Marketing Retail		—	(a)		—			3			—			16			—			—		—			19			19		—
Warrants - Diversified Telecommunication Services		—	(a)		—			7			—			—			—			—		—			7			7		—
Warrants - Media		—	(a)		—			—			—			—	(b)		—			—		—			—	(b)		—		—
Warrants - Road & Rail		—	(a)		—			—			—			—			—			—		—			—	(a)		—		—
Warrants - Wireless Telecommunication Services		29			—			(14	)		—			—			—			—		—			15			15		—
	$	702,968		$	(8,801	)	$	(46,686	)	$	356		$	354,190		$	(163,485	)	$	221,185	$	(37,994	)	$	1,021,733			1,021,733		—

* The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2020, which were valued using significant unobservable inputs (level 3), amounted to $(44,362,000) approximately.

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

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

(a) Value is zero.

(b) Amount rounds to less than one thousand.

Insert ASU 2011-4 Table here

TO COME

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2020, the value of these investments was approximately $xx,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

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 November 30, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at November 30, 2020		Shares at November 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b)	$	34,094	$	3,356,270	$	3,364,108	$	251		$	(1	)	$	26,506		26,490	$	507	$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares(a)		122,018		10,000		131,935		(73	)		(10	)		—		—		94		—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)		11,862		38,075		49,937		—			—			—		—		10		—
Total	$	167,974	$	3,404,345	$	3,545,980	$	178		$	(11	)	$	26,506			$	611	$	—

(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 November 30, 2020.

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

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

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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.

(2). Futures Contracts — The Fund used currency, index, interest rate, 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). Swaps — The Fund engaged in various swap transactions, including credit default swaps, to manage credit total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as restricted cash. Collateral received by the Fund is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A, an affiliate of the Fund.

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over-the-counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and (iv) documentation risk relating to disagreement over contract terms.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.