JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 43.1%
Aerospace & Defense — 0.7%
Boeing Co. (The) 4.88%, 5/1/2025		21,520		24,023
BWX Technologies, Inc. 5.38%, 7/15/2026(a)		185		192
Howmet Aerospace, Inc.
5.13%, 10/1/2024		930		1,011
6.88%, 5/1/2025		725		844
5.90%, 2/1/2027		1,175		1,365
Leidos, Inc. 3.63%, 5/15/2025(a)		2,990		3,326
Raytheon Technologies Corp. 3.10%, 11/15/2021(a)		100		102
Rolls-Royce plc (United Kingdom) 5.75%, 10/15/2027(a)		952		1,021
Spirit AeroSystems, Inc. 7.50%, 4/15/2025(a)		150		161
TransDigm, Inc. 6.25%, 3/15/2026(a)		1,840		1,950
Triumph Group, Inc.
6.25%, 9/15/2024(a)		500		485
7.75%, 8/15/2025		385		338
				34,818
Air Freight & Logistics — 0.1%
XPO Logistics, Inc.
6.13%, 9/1/2023(a)		318		323
6.75%, 8/15/2024(a)		623		660
6.25%, 5/1/2025(a)		1,550		1,661
				2,644
Airlines — 0.0%(b)
Delta Air Lines, Inc.
4.50%, 10/20/2025(a)		328		346
4.75%, 10/20/2028(a)		460		495
United Airlines Holdings, Inc.
5.00%, 2/1/2024		200		195
4.88%, 1/15/2025		465		448
				1,484
Auto Components — 0.4%
Adient Global Holdings Ltd. 4.88%, 8/15/2026(a)		675		680
Adient US LLC
9.00%, 4/15/2025(a)		450		501
7.00%, 5/15/2026(a)		935		1,014
Allison Transmission, Inc.
5.88%, 6/1/2029(a)		960		1,071
3.75%, 1/30/2031(a)		442		445
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		2,065		2,140
6.25%, 3/15/2026		454		465
6.50%, 4/1/2027		745		779
Clarios Global LP 6.25%, 5/15/2026(a)		1,495		1,588
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(a)		1,510		1,585
Dana, Inc. 5.63%, 6/15/2028		200		216
Goodyear Tire & Rubber Co. (The) 5.13%, 11/15/2023		625		625
Icahn Enterprises LP
6.25%, 2/1/2022		650		654
6.75%, 2/1/2024		365		372
6.25%, 5/15/2026		620		648
Metalsa SA de CV (Mexico) Series REGS, 4.90%, 4/24/2023(c)		2,400		2,484
Toyota Industries Corp. (Japan) 3.11%, 3/12/2022(a)		1,695		1,748
				17,015
Automobiles — 1.9%
BMW US Capital LLC (Germany) 3.80%, 4/6/2023(a)		13,805		14,858
Daimler Finance North America LLC (Germany)
2.00%, 7/6/2021(a)		1,500		1,513
3.40%, 2/22/2022(a)		10,540		10,904
2.55%, 8/15/2022(a)		5,710		5,900
3.35%, 2/22/2023(a)		150		159
1.75%, 3/10/2023(a)		4,960		5,080
Ford Motor Co. 9.00%, 4/22/2025		400		486
Hyundai Capital America
3.00%, 6/20/2022(a)		4,680		4,832
2.85%, 11/1/2022(a)		13,345		13,791
2.38%, 2/10/2023(a)		4,375		4,507
5.75%, 4/6/2023(a)		6,455		7,159
1.80%, 10/15/2025(a)		6,110		6,184
Volkswagen Group of America Finance LLC (Germany)
2.90%, 5/13/2022(a)		3,355		3,465
2.70%, 9/26/2022(a)		7,290		7,562
4.25%, 11/13/2023(a)		1,605		1,764
3.35%, 5/13/2025(a)		5,465		5,993
				94,157
Banks — 14.0%
ABN AMRO Bank NV (Netherlands) 2.65%, 1/19/2021(a)		200		201
AIB Group plc (Ireland)
4.75%, 10/12/2023(a)		7,200		7,917
(ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025(a)(d)		1,520		1,657
ANZ New Zealand Int’l Ltd. (New Zealand)
2.75%, 1/22/2021(a)		200		201
3.40%, 3/19/2024(a)		560		608
ASB Bank Ltd. (New Zealand) 3.75%, 6/14/2023(a)		1,750		1,891
Banco Bilbao Vizcaya Argentaria SA (Spain) 1.13%, 9/18/2025		17,400		17,458
Banco Santander SA (Spain)
3.50%, 4/11/2022		7,000		7,279
3.85%, 4/12/2023		6,000		6,435
2.71%, 6/27/2024		11,800		12,561

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
2.75%, 5/28/2025		3,200		3,406
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(d)		4,820		4,964
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023(d)		6,000		6,197
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(d)		9,280		9,749
(SOFR + 0.91%), 0.98%, 9/25/2025(d)		13,260		13,336
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025(d)		3,590		3,810
(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026(d)		7,825		8,164
(SOFR + 1.01%), 1.20%, 10/24/2026(d)		9,165		9,224
Bank of Montreal (Canada) 2.50%, 6/28/2024		7,330		7,811
Bank of New Zealand (New Zealand)
3.50%, 2/20/2024(a)		5,190		5,650
2.00%, 2/21/2025(a)		5,170		5,431
Banque Federative du Credit Mutuel SA (France) 3.75%, 7/20/2023(a)		15,790		17,119
Barclays plc (United Kingdom)
3.68%, 1/10/2023		11,858		12,239
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023(d)		6,115		6,399
BBVA USA
3.50%, 6/11/2021		1,750		1,774
2.88%, 6/29/2022		4,000		4,147
BNP Paribas SA (France)
3.38%, 1/9/2025(a)		8,080		8,808
(ICE LIBOR USD 3 Month + 1.11%), 2.82%, 11/19/2025(a)(d)		7,170		7,640
(SOFR + 2.07%), 2.22%, 6/9/2026(a)(d)		4,800		5,002
BNZ International Funding Ltd. (New Zealand) 2.90%, 2/21/2022(a)		750		773
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023(d)		15,825		16,393
3.10%, 4/2/2024		6,786		7,343
Capital One Bank USA NA (SOFR + 0.62%), 2.01%, 1/27/2023(d)		7,490		7,619
Capital One NA 2.15%, 9/6/2022		2,040		2,100
CIT Group, Inc.
5.00%, 8/1/2023		225		244
4.75%, 2/16/2024		835		908
Citigroup, Inc.
(SOFR + 0.87%), 2.31%, 11/4/2022(d)		4,665		4,745
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023(d)		6,130		6,314
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(d)		12,210		12,678
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(d)(e)(f)		680		734
(SOFR + 2.75%), 3.11%, 4/8/2026(d)		12,730		13,838
Cooperatieve Rabobank UA (Netherlands)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.34%, 6/24/2026(a)(d)		6,405		6,500
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.00%, 9/24/2026(a)(d)		9,000		9,020
Credit Agricole SA (France)
3.75%, 4/24/2023(a)		10,250		11,024
(SOFR + 1.68%), 1.91%, 6/16/2026(a)(d)		8,783		9,066
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 3.80%, 9/15/2022		5,000		5,290
Danske Bank A/S (Denmark) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.62%, 9/11/2026(a)(d)		12,715		12,748
DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 0.85%), 1.13%, 9/16/2026(a)(d)		13,425		13,525
Fifth Third Bancorp
2.60%, 6/15/2022		100		103
2.38%, 1/28/2025		5,000		5,291
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023(d)		4,435		4,589
3.60%, 5/25/2023		4,000		4,298
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023(d)		5,130		5,368
(ICE LIBOR USD 3 Month + 1.14%), 2.63%, 11/7/2025(d)		2,730		2,878
(SOFR + 1.54%), 1.64%, 4/18/2026(d)		6,405		6,496
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026(d)		5,995		6,786
Huntington Bancshares, Inc. 2.30%, 1/14/2022		289		295
ING Groep NV (Netherlands)
4.10%, 10/2/2023		7,455		8,201
3.55%, 4/9/2024		475		519
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.40%, 7/1/2026(a)(d)		7,310		7,426
Lloyds Bank plc (United Kingdom)

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
3.30%, 5/7/2021		200		202
2.25%, 8/14/2022		1,890		1,950
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.25%), 2.86%, 3/17/2023(d)		12,345		12,700
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.33%, 6/15/2023(d)		4,545		4,592
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023(d)		9,830		10,255
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 3.87%, 7/9/2025(d)		5,605		6,144
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026(d)		4,130		4,344
Mitsubishi UFJ Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.65%), 0.86%, 7/26/2021(d)		85		85
3.54%, 7/26/2021		145		148
3.46%, 3/2/2023		4,000		4,261
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 0.85%, 9/15/2024(d)		15,615		15,686
2.19%, 2/25/2025		8,175		8,610
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023(d)		6,040		6,243
(ICE LIBOR USD 3 Month + 0.99%), 1.24%, 7/10/2024(d)		15,000		15,206
(ICE LIBOR USD 3 Month + 0.61%), 0.85%, 9/8/2024(d)		5,665		5,679
MUFG Union Bank NA 3.15%, 4/1/2022		700		725
Natwest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(d)		9,370		9,756
3.88%, 9/12/2023		6,935		7,514
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024(d)		8,555		9,326
NatWest Markets plc (United Kingdom) 2.38%, 5/21/2023(a)		7,220		7,511
Royal Bank of Canada (Canada) 2.25%, 11/1/2024		4,500		4,779
Santander UK Group Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.08%), 3.37%, 1/5/2024(d)		10,000		10,516
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026(d)		5,795		5,838
Santander UK plc (United Kingdom) 2.50%, 1/5/2021		385		386
Societe Generale SA (France)
3.25%, 1/12/2022(a)		9,000		9,255
3.88%, 3/28/2024(a)		1,000		1,086
2.63%, 10/16/2024(a)		10,975		11,526
2.63%, 1/22/2025(a)		5,515		5,799
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.20%), 2.74%, 9/10/2022(a)(d)		5,000		5,074
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023(a)(d)		20,555		21,365
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026(a)(d)		3,475		3,661
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.78%, 10/18/2022		65		68
2.70%, 7/16/2024		3,075		3,283
1.47%, 7/8/2025		19,345		19,780
Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.05%, 9/12/2025(a)		6,570		6,591
Truist Bank (ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022(d)		2,594		2,648
Truist Financial Corp. 2.50%, 8/1/2024		1,225		1,305
UniCredit SpA (Italy)
3.75%, 4/12/2022(a)		13,900		14,391
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 2.57%, 9/22/2026(a)(d)		4,430		4,506
Wells Fargo & Co.
3.75%, 1/24/2024		5,000		5,431
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025(d)		6,225		6,555
(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026(d)		5,080		5,319
(SOFR + 2.00%), 2.19%, 4/30/2026(d)		7,150		7,484
				677,773
Beverages — 0.3%
Constellation Brands, Inc.
2.70%, 5/9/2022		50		51
2.65%, 11/7/2022		65		68
4.25%, 5/1/2023		7,640		8,313
Keurig Dr Pepper, Inc. 4.06%, 5/25/2023		5,500		5,968
				14,400
Biotechnology — 0.4%
AbbVie, Inc.
3.45%, 3/15/2022		300		310

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
2.60%, 11/21/2024		17,445		18,645
				18,955
Building Products — 0.1%
Griffon Corp. 5.75%, 3/1/2028		980		1,038
Standard Industries, Inc.
4.75%, 1/15/2028(a)		2,030		2,139
3.38%, 1/15/2031(a)		493		495
Summit Materials LLC
5.13%, 6/1/2025(a)		260		264
5.25%, 1/15/2029(a)		1,145		1,191
				5,127
Capital Markets — 3.5%
Ameriprise Financial, Inc. 3.00%, 4/2/2025		6,000		6,536
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023(a)		17,750		18,320
3.80%, 6/9/2023		1,000		1,076
(ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024(a)(d)		250		271
(SOFR + 2.04%), 2.19%, 6/5/2026(a)(d)		6,840		7,132
Deutsche Bank AG (Germany)
3.15%, 1/22/2021		2,750		2,759
Series D, 5.00%, 2/14/2022		4,950		5,175
3.95%, 2/27/2023		2,020		2,144
(SOFR + 2.16%), 2.22%, 9/18/2024(d)		11,880		12,122
Goldman Sachs Group, Inc. (The)
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(d)(e)(f)		755		756
3.63%, 1/22/2023		5,000		5,335
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(d)		1,995		2,068
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023(d)		18,190		18,914
3.50%, 4/1/2025		7,750		8,586
LPL Holdings, Inc. 5.75%, 9/15/2025(a)		120		124
Macquarie Bank Ltd. (Australia) 3.90%, 1/15/2026(a)		6,620		7,620
Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023(a)(d)		5,005		5,227
Morgan Stanley
(SOFR + 0.83%), 0.91%, 6/10/2022(d)		1,395		1,398
4.88%, 11/1/2022		14,000		15,130
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024(d)		1,885		2,027
3.70%, 10/23/2024		4,636		5,153
(SOFR + 1.99%), 2.19%, 4/28/2026(d)		7,750		8,174
MSCI, Inc. 5.38%, 5/15/2027(a)		800		857
Nomura Holdings, Inc. (Japan) 1.85%, 7/16/2025		9,235		9,525
UBS Group AG (Switzerland)
3.49%, 5/23/2023(a)		4,054		4,228
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023(a)(d)		9,415		9,770
4.13%, 9/24/2025(a)		4,000		4,574
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027(a)(d)		2,865		2,894
				167,895
Chemicals — 0.3%
Air Liquide Finance SA (France) 1.75%, 9/27/2021(a)		200		202
Axalta Coating Systems LLC 4.75%, 6/15/2027(a)		1,420		1,498
Celanese US Holdings LLC 3.50%, 5/8/2024		290		313
CF Industries, Inc.
3.40%, 12/1/2021(a)		92		94
5.15%, 3/15/2034		465		562
Chemours Co. (The) 7.00%, 5/15/2025		1,420		1,470
CVR Partners LP 9.25%, 6/15/2023(a)		525		522
NOVA Chemicals Corp. (Canada)
5.25%, 8/1/2023(a)		750		752
5.25%, 6/1/2027(a)		1,530		1,595
Nutrition & Biosciences, Inc. 1.23%, 10/1/2025(a)		5,345		5,411
Olin Corp. 5.63%, 8/1/2029		570		613
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		745		795
W.R. Grace & Co.-Conn. 4.88%, 6/15/2027(a)		905		948
				14,775
Commercial Services & Supplies — 0.2%
ACCO Brands Corp. 5.25%, 12/15/2024(a)		12		12
ADT Security Corp. (The) 4.13%, 6/15/2023		315		332
Aramark Services, Inc. 5.00%, 2/1/2028(a)		655		688
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025(a)		240		270
Brink’s Co. (The) 4.63%, 10/15/2027(a)		310		327
Clean Harbors, Inc. 4.88%, 7/15/2027(a)		475		503
GFL Environmental, Inc. (Canada) 3.75%, 8/1/2025(a)		1,355		1,382
Nielsen Finance LLC
5.00%, 4/15/2022(a)		401		401
5.63%, 10/1/2028(a)		1,325		1,412
Prime Security Services Borrower LLC
5.25%, 4/15/2024(a)		730		774

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
5.75%, 4/15/2026(a)		2,360		2,561
				8,662
Communications Equipment — 0.1%
CommScope, Inc.
5.50%, 3/1/2024(a)		130		134
6.00%, 3/1/2026(a)		3,755		3,961
8.25%, 3/1/2027(a)		995		1,072
Plantronics, Inc. 5.50%, 5/31/2023(a)		331		332
				5,499
Construction & Engineering — 0.0%(b)
AECOM 5.13%, 3/15/2027		755		844
MasTec, Inc. 4.50%, 8/15/2028(a)		1,170		1,222
				2,066
Construction Materials — 0.0%(b)
Cemex SAB de CV (Mexico) 5.70%, 1/11/2025(a)		2,200		2,243
Consumer Finance — 2.3%
AerCap Ireland Capital DAC (Ireland)
3.95%, 2/1/2022		4,726		4,850
3.50%, 5/26/2022		7,350		7,559
4.63%, 7/1/2022		4,350		4,564
3.30%, 1/23/2023		8,730		9,013
4.88%, 1/16/2024		10		11
3.15%, 2/15/2024		3,800		3,912
3.50%, 1/15/2025		155		161
Ally Financial, Inc.
5.13%, 9/30/2024		730		837
5.75%, 11/20/2025		1,870		2,184
American Express Co.
2.75%, 5/20/2022		1,460		1,508
3.40%, 2/27/2023		265		282
(ICE LIBOR USD 3 Month + 0.75%), 0.97%, 8/3/2023(d)		35		36
3.70%, 8/3/2023		35		38
American Honda Finance Corp. 1.00%, 9/10/2025		12,680		12,812
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022(a)		5,500		5,582
5.25%, 5/15/2024(a)		8,786		9,385
4.25%, 4/15/2026(a)		3,010		3,117
Capital One Financial Corp.
2.60%, 5/11/2023		5,940		6,227
3.50%, 6/15/2023		2,195		2,354
3.90%, 1/29/2024		2,405		2,636
Caterpillar Financial Services Corp. 2.85%, 5/17/2024		480		518
Curo Group Holdings Corp. 8.25%, 9/1/2025(a)		140		119
Ford Motor Credit Co. LLC
3.47%, 4/5/2021		820		822
3.22%, 1/9/2022		1,250		1,253
3.37%, 11/17/2023		415		420
4.06%, 11/1/2024		1,275		1,326
5.13%, 6/16/2025		230		248
4.13%, 8/4/2025		3,015		3,121
3.38%, 11/13/2025		442		444
4.39%, 1/8/2026		1,710		1,778
4.54%, 8/1/2026		1,385		1,453
4.27%, 1/9/2027		920		952
4.13%, 8/17/2027		415		429
4.00%, 11/13/2030		535		540
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 7.25% (PIK), 9/15/2024(a)(g)		1,124		983
Navient Corp.
6.13%, 3/25/2024		1,960		2,072
5.00%, 3/15/2027		175		174
OneMain Finance Corp.
7.75%, 10/1/2021		205		215
6.13%, 5/15/2022		740		781
7.13%, 3/15/2026		1,718		1,977
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022(a)		10,460		10,939
4.50%, 3/15/2023(a)		2,500		2,604
				110,236
Containers & Packaging — 0.4%
Ardagh Packaging Finance plc
6.00%, 2/15/2025(a)		203		210
5.25%, 4/30/2025(a)		400		423
4.13%, 8/15/2026(a)		1,645		1,707
5.25%, 8/15/2027(a)		1,205		1,257
Ball Corp.
5.25%, 7/1/2025		555		637
2.88%, 8/15/2030		650		647
Berry Global, Inc.
5.13%, 7/15/2023		216		219
4.88%, 7/15/2026(a)		1,600		1,698
Crown Americas LLC 4.75%, 2/1/2026		355		368
Graphic Packaging International LLC 4.75%, 7/15/2027(a)		350		385
LABL Escrow Issuer LLC 6.75%, 7/15/2026(a)		1,660		1,772
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024(a)		2,605		2,638
7.25%, 4/15/2025(a)		815		818
OI European Group BV 4.00%, 3/15/2023(a)		12		12
Owens-Brockway Glass Container, Inc. 5.88%, 8/15/2023(a)		1,130		1,215
Reynolds Group Issuer, Inc. 4.00%, 10/15/2027(a)		1,055		1,073
Sealed Air Corp.
5.13%, 12/1/2024(a)		345		378
4.00%, 12/1/2027(a)		750		803
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026(a)(h)		1,185		1,241
				17,501

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Distributors — 0.0%(b)
Performance Food Group, Inc. 5.50%, 10/15/2027(a)		350		372
Wolverine Escrow LLC 9.00%, 11/15/2026(a)		976		820
				1,192
Diversified Consumer Services — 0.1%
Service Corp. International
4.63%, 12/15/2027		1,275		1,352
3.38%, 8/15/2030		1,085		1,112
				2,464
Diversified Financial Services — 0.2%
CK Hutchison International 17 Ltd. (United Kingdom) 2.88%, 4/5/2022(a)		9,735		9,998
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026(a)		450		481
8.25%, 11/15/2026(a)		325		354
Sabre GLBL, Inc. 9.25%, 4/15/2025(a)		1,015		1,187
				12,020
Diversified Telecommunication Services — 1.1%
Altice France Holding SA (Luxembourg)
10.50%, 5/15/2027(a)		425		479
6.00%, 2/15/2028(a)		240		244
Altice France SA (France) 7.38%, 5/1/2026(a)		1,725		1,811
AT&T, Inc. 2.30%, 6/1/2027		3,080		3,264
CCO Holdings LLC
4.00%, 3/1/2023(a)		200		202
5.75%, 2/15/2026(a)		452		469
5.13%, 5/1/2027(a)		7,413		7,799
5.00%, 2/1/2028(a)		6,890		7,243
4.25%, 2/1/2031(a)		1,026		1,064
CenturyLink, Inc.
Series T, 5.80%, 3/15/2022		545		567
Series W, 6.75%, 12/1/2023		245		272
Series Y, 7.50%, 4/1/2024		575		645
5.63%, 4/1/2025		975		1,045
5.13%, 12/15/2026(a)		2,845		2,958
4.00%, 2/15/2027(a)		3,845		3,975
Cincinnati Bell, Inc. 7.00%, 7/15/2024(a)		270		279
Frontier Communications Corp.
5.88%, 10/15/2027(a)		1,064		1,119
6.75%, 5/1/2029(a)		1,260		1,304
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023(i)		1,590		1,070
8.00%, 2/15/2024(a)(h)(i)		767		784
Level 3 Financing, Inc.
5.38%, 5/1/2025		495		508
4.63%, 9/15/2027(a)		605		631
Sprint Capital Corp. 8.75%, 3/15/2032		2,850		4,370
Telecom Italia Capital SA (Italy) 6.38%, 11/15/2033		2,380		2,844
Telecom Italia SpA (Italy) 5.30%, 5/30/2024(a)		550		598
Verizon Communications, Inc. 3.00%, 3/22/2027		4,790		5,319
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029(a)		1,275		1,382
Zayo Group Holdings, Inc. 4.00%, 3/1/2027(a)		1,105		1,099
				53,344
Electric Utilities — 1.1%
AES Panama Generation Holdings SRL (Panama) 4.38%, 5/31/2030(a)		2,290		2,454
American Electric Power Co., Inc. Series I, 3.65%, 12/1/2021		145		150
American Transmission Systems, Inc. 5.25%, 1/15/2022(a)		200		209
Ausgrid Finance Pty. Ltd. (Australia) 3.85%, 5/1/2023(a)		6,087		6,427
Edison International
2.40%, 9/15/2022		6,000		6,104
2.95%, 3/15/2023		5,410		5,585
Emera US Finance LP (Canada) 2.70%, 6/15/2021		2,575		2,600
Eskom Holdings SOC Ltd. (South Africa) 5.75%, 1/26/2021(c)		1,800		1,789
Evergy, Inc. 2.45%, 9/15/2024		1,300		1,377
Exelon Corp. 3.50%, 6/1/2022		375		391
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		20		21
Instituto Costarricense de Electricidad (Costa Rica) 6.95%, 11/10/2021(c)		1,500		1,481
ITC Holdings Corp. 2.70%, 11/15/2022		5,805		6,037
Jersey Central Power & Light Co. 4.30%, 1/15/2026(a)		230		256
NextEra Energy Capital Holdings, Inc. 2.90%, 4/1/2022		600		620
NRG Energy, Inc.
7.25%, 5/15/2026		750		796
6.63%, 1/15/2027		1,315		1,384
3.63%, 2/15/2031(a)		235		244
Pacific Gas and Electric Co. (ICE LIBOR USD 3 Month + 1.38%), 1.60%, 11/15/2021(d)		12,000		12,013
PG&E Corp. 5.00%, 7/1/2028		1,680		1,793
PNM Resources, Inc. 3.25%, 3/9/2021		69		70
Vistra Operations Co. LLC
5.50%, 9/1/2026(a)		231		242
5.63%, 2/15/2027(a)		285		301

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
5.00%, 7/31/2027(a)		2,005		2,120
				54,464
Electronic Equipment, Instruments & Components — 0.1%
CDW LLC
5.50%, 12/1/2024		500		553
4.25%, 4/1/2028		830		865
3.25%, 2/15/2029		410		411
Sensata Technologies, Inc. 4.38%, 2/15/2030(a)		1,000		1,070
				2,899
Energy Equipment & Services — 0.3%
Archrock Partners LP 6.88%, 4/1/2027(a)		555		577
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		5,251		5,486
Nabors Industries Ltd. 7.25%, 1/15/2026(a)		745		417
Nabors Industries, Inc. 4.63%, 9/15/2021		58		49
Precision Drilling Corp. (Canada) 5.25%, 11/15/2024		632		411
Schlumberger Finance Canada Ltd. 1.40%, 9/17/2025		4,995		5,098
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)		565		447
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		145		136
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)		180		167
				12,788
Entertainment — 0.2%
Cinemark USA, Inc.
4.88%, 6/1/2023		739		699
8.75%, 5/1/2025(a)		270		291
Live Nation Entertainment, Inc.
4.88%, 11/1/2024(a)		1,415		1,404
6.50%, 5/15/2027(a)		1,310		1,451
4.75%, 10/15/2027(a)		10		10
Netflix, Inc.
4.88%, 4/15/2028		3,350		3,836
5.88%, 11/15/2028		1,335		1,612
4.88%, 6/15/2030(a)		495		572
WMG Acquisition Corp.
3.88%, 7/15/2030(a)		830		859
3.00%, 2/15/2031(a)		1,030		1,002
				11,736
Equity Real Estate Investment Trusts (REITs) — 1.0%
American Tower Corp.
3.50%, 1/31/2023		5,305		5,646
3.00%, 6/15/2023		110		117
2.40%, 3/15/2025		2,640		2,806
1.30%, 9/15/2025		3,180		3,234
2.75%, 1/15/2027		3,000		3,244
Brookfield Property REIT, Inc. 5.75%, 5/15/2026(a)		590		543
ESH Hospitality, Inc. 5.25%, 5/1/2025(a)		935		958
HAT Holdings I LLC 5.25%, 7/15/2024(a)		175		182
Iron Mountain, Inc. 4.88%, 9/15/2027(a)		2,490		2,580
MGM Growth Properties Operating Partnership LP 5.75%, 2/1/2027		1,065		1,187
RHP Hotel Properties LP 4.75%, 10/15/2027		960		953
SBA Communications Corp.
4.00%, 10/1/2022		200		202
4.88%, 9/1/2024		580		594
3.88%, 2/15/2027(a)		650		670
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025(a)		6,294		6,706
VICI Properties LP
3.50%, 2/15/2025(a)		900		918
4.25%, 12/1/2026(a)		855		887
3.75%, 2/15/2027(a)		430		439
4.13%, 8/15/2030(a)		610		629
WEA Finance LLC (France)
3.15%, 4/5/2022(a)		8,940		9,099
2.88%, 1/15/2027(a)		3,110		3,111
Welltower, Inc. 3.63%, 3/15/2024		2,325		2,529
				47,234
Food & Staples Retailing — 0.3%
Albertsons Cos., Inc.
3.50%, 2/15/2023(a)		135		139
5.75%, 3/15/2025		140		144
3.25%, 3/15/2026(a)		283		286
4.63%, 1/15/2027(a)		5,360		5,650
5.88%, 2/15/2028(a)		350		378
3.50%, 3/15/2029(a)		283		282
4.88%, 2/15/2030(a)		190		208
Rite Aid Corp. 8.00%, 11/15/2026(a)		2,009		2,039
Sysco Corp. 5.65%, 4/1/2025		6,000		7,151
				16,277
Food Products — 0.5%
Bunge Ltd. Finance Corp.
3.00%, 9/25/2022		100		103
1.63%, 8/17/2025		10,338		10,552
Campbell Soup Co. 3.65%, 3/15/2023		1,018		1,088
Darling Ingredients, Inc. 5.25%, 4/15/2027(a)		1,225		1,305
Kraft Heinz Foods Co.
4.63%, 1/30/2029		1,500		1,720
4.38%, 6/1/2046		2,420		2,581
Lamb Weston Holdings, Inc.
4.88%, 11/1/2026(a)		750		780
4.88%, 5/15/2028(a)		845		938
Pilgrim’s Pride Corp. 5.75%, 3/15/2025(a)		400		411
Post Holdings, Inc.
5.00%, 8/15/2026(a)		525		545
5.75%, 3/1/2027(a)		2,355		2,479
5.63%, 1/15/2028(a)		595		633

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
4.63%, 4/15/2030(a)		214		223
				23,358
Gas Utilities — 0.0%(b)
AmeriGas Partners LP
5.63%, 5/20/2024		580		632
5.50%, 5/20/2025		955		1,051
				1,683
Health Care Equipment & Supplies — 0.1%
Avantor Funding, Inc. 4.63%, 7/15/2028(a)		1,005		1,058
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027(a)		1,585		1,652
Teleflex, Inc. 4.63%, 11/15/2027		565		600
				3,310
Health Care Providers & Services — 1.2%
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028(a)		1,200		1,277
Aetna, Inc.
2.75%, 11/15/2022		223		232
2.80%, 6/15/2023		60		63
Anthem, Inc. 2.95%, 12/1/2022		75		79
Centene Corp.
5.38%, 6/1/2026(a)		590		620
4.25%, 12/15/2027		2,175		2,315
4.63%, 12/15/2029		2,645		2,900
3.38%, 2/15/2030		995		1,043
3.00%, 10/15/2030		400		421
Community Health Systems, Inc. 8.63%, 1/15/2024(a)		1,635		1,700
CVS Health Corp.
3.70%, 3/9/2023		6,769		7,241
4.10%, 3/25/2025		17		19
1.30%, 8/21/2027		7,035		7,026
DaVita, Inc.
4.63%, 6/1/2030(a)		1,645		1,729
3.75%, 2/15/2031(a)		483		481
Encompass Health Corp.
5.13%, 3/15/2023		250		251
4.50%, 2/1/2028		1,460		1,528
4.75%, 2/1/2030		635		676
HCA, Inc.
5.88%, 5/1/2023		485		530
5.38%, 2/1/2025		200		224
5.88%, 2/15/2026		3,210		3,696
5.38%, 9/1/2026		2,535		2,880
5.63%, 9/1/2028		3,115		3,653
5.88%, 2/1/2029		3,640		4,351
Laboratory Corp. of America Holdings 2.30%, 12/1/2024		5,740		6,080
Tenet Healthcare Corp.
6.75%, 6/15/2023		560		602
7.00%, 8/1/2025		672		694
4.88%, 1/1/2026(a)		5,236		5,393
6.25%, 2/1/2027(a)		2,135		2,237
				59,941
Health Care Technology — 0.0%(b)
IQVIA, Inc. 5.00%, 5/15/2027(a)		800		842
Hotels, Restaurants & Leisure — 0.5%
1011778 BC ULC (Canada)
4.25%, 5/15/2024(a)		321		327
5.75%, 4/15/2025(a)		810		865
Boyd Gaming Corp. 6.00%, 8/15/2026		125		130
Caesars Resort Collection LLC
5.75%, 7/1/2025(a)		926		980
5.25%, 10/15/2025(a)		755		755
Cedar Fair LP
5.38%, 6/1/2024		260		261
5.25%, 7/15/2029		345		354
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(a)		271		260
Enterprise Development Authority (The) 12.00%, 7/15/2024(a)		355		398
Hilton Domestic Operating Co., Inc.
5.38%, 5/1/2025(a)		1,015		1,075
5.13%, 5/1/2026		1,050		1,086
3.75%, 5/1/2029(a)		235		241
4.00%, 5/1/2031(a)		141		148
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		321		336
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		600		626
International Game Technology plc
6.25%, 2/15/2022(a)		345		354
6.25%, 1/15/2027(a)		440		489
KFC Holding Co. 4.75%, 6/1/2027(a)		1,365		1,430
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		1,165		1,223
MGM Resorts International
7.75%, 3/15/2022		1,450		1,548
5.75%, 6/15/2025		1,759		1,902
4.63%, 9/1/2026		33		34
5.50%, 4/15/2027		327		350
Scientific Games International, Inc. 5.00%, 10/15/2025(a)		619		637
Six Flags Entertainment Corp. 4.88%, 7/31/2024(a)		1,915		1,908
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025(a)		265		287
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(a)		570		603
Station Casinos LLC 5.00%, 10/1/2025(a)		470		474
Wyndham Destinations, Inc. 3.90%, 3/1/2023		285		289
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		1,150		1,173
Wynn Resorts Finance LLC 5.13%, 10/1/2029(a)		1,095		1,115
Yum! Brands, Inc.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
3.63%, 3/15/2031		352		351
				22,009
Household Durables — 0.2%
Lennar Corp.
4.88%, 12/15/2023		150		166
5.25%, 6/1/2026		965		1,141
Meritage Homes Corp. 6.00%, 6/1/2025		455		518
Newell Brands, Inc.
4.70%, 4/1/2026(h)		2,950		3,178
5.87%, 4/1/2036(h)		825		990
PulteGroup, Inc. 5.50%, 3/1/2026		335		402
Tempur Sealy International, Inc.
5.63%, 10/15/2023		347		353
5.50%, 6/15/2026		1,200		1,250
				7,998
Household Products — 0.2%
Central Garden & Pet Co.
5.13%, 2/1/2028		720		765
4.13%, 10/15/2030		630		664
Energizer Holdings, Inc.
7.75%, 1/15/2027(a)		845		921
4.75%, 6/15/2028(a)		2,090		2,186
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022(a)		1,900		1,956
Spectrum Brands, Inc.
5.75%, 7/15/2025		1,160		1,198
5.00%, 10/1/2029(a)		1,870		2,020
				9,710
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The) 6.00%, 5/15/2026		565		595
Calpine Corp.
5.25%, 6/1/2026(a)		2,135		2,212
5.13%, 3/15/2028(a)		620		652
Exelon Generation Co. LLC
3.40%, 3/15/2022		380		393
3.25%, 6/1/2025		5,185		5,587
				9,439
Industrial Conglomerates — 0.1%
Roper Technologies, Inc. 1.00%, 9/15/2025		3,075		3,093
Insurance — 0.7%
American International Group, Inc. 2.50%, 6/30/2025		2,705		2,905
Athene Global Funding 3.00%, 7/1/2022(a)		5,165		5,332
Jackson National Life Global Funding
2.25%, 4/29/2021(a)		115		116
3.30%, 6/11/2021(a)		250		254
3.25%, 1/30/2024(a)		9,500		10,230
Protective Life Global Funding (ICE LIBOR USD 3 Month + 0.52%), 0.75%, 6/28/2021(a)(d)		150		150
Reliance Standard Life Global Funding II
2.63%, 7/22/2022(a)		2,415		2,482
2.15%, 1/21/2023(a)		4,505		4,625
3.85%, 9/19/2023(a)		45		48
2.50%, 10/30/2024(a)		6,190		6,421
				32,563
IT Services — 0.0%(b)
Exela Intermediate LLC 10.00%, 7/15/2023(a)		104		31
Gartner, Inc.
4.50%, 7/1/2028(a)		540		567
3.75%, 10/1/2030(a)		710		739
				1,337
Leisure Products — 0.1%
Mattel, Inc. 6.75%, 12/31/2025(a)		3,025		3,181
Machinery — 0.0%(b)
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023(a)		250		253
Colfax Corp.
6.00%, 2/15/2024(a)		353		366
6.38%, 2/15/2026(a)		9		9
RBS Global, Inc. 4.88%, 12/15/2025(a)		505		515
Tennant Co. 5.63%, 5/1/2025		500		519
Vertical US Newco, Inc. (Germany) 5.25%, 7/15/2027(a)		335		352
				2,014
Media — 0.8%
Altice Financing SA (Luxembourg) 7.50%, 5/15/2026(a)		955		1,008
AMC Networks, Inc. 5.00%, 4/1/2024		815		829
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		1,159		1,158
5.13%, 8/15/2027(a)		1,940		1,959
CSC Holdings LLC
5.88%, 9/15/2022		450		479
5.25%, 6/1/2024		935		1,012
5.50%, 4/15/2027(a)		1,000		1,056
5.38%, 2/1/2028(a)		1,815		1,926
6.50%, 2/1/2029(a)		3,040		3,398
Diamond Sports Group LLC 5.38%, 8/15/2026(a)		1,077		835
DISH DBS Corp.
6.75%, 6/1/2021		250		255
5.88%, 7/15/2022		820		861
5.00%, 3/15/2023		550		572
5.88%, 11/15/2024		3,959		4,211
7.75%, 7/1/2026		2,040		2,321
Entercom Media Corp.
7.25%, 11/1/2024(a)		900		864
6.50%, 5/1/2027(a)		177		171
Gray Television, Inc.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
7.00%, 5/15/2027(a)		385		424
iHeartCommunications, Inc.
6.38%, 5/1/2026		1,450		1,535
5.25%, 8/15/2027(a)		885		907
Lamar Media Corp.
5.75%, 2/1/2026		350		363
3.75%, 2/15/2028		120		121
4.00%, 2/15/2030		85		88
Meredith Corp.
6.50%, 7/1/2025(a)		750		801
6.88%, 2/1/2026		1,135		1,129
Nexstar Broadcasting, Inc.
5.63%, 7/15/2027(a)		1,735		1,850
4.75%, 11/1/2028(a)		406		418
Sinclair Television Group, Inc. 5.13%, 2/15/2027(a)		610		599
Sirius XM Radio, Inc.
4.63%, 7/15/2024(a)		780		808
5.38%, 7/15/2026(a)		2,455		2,553
5.50%, 7/1/2029(a)		1,065		1,166
TEGNA, Inc.
5.50%, 9/15/2024(a)		209		213
4.63%, 3/15/2028(a)		1,220		1,242
ViacomCBS, Inc. (ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(d)		550		610
Videotron Ltd. (Canada) 5.13%, 4/15/2027(a)		1,185		1,255
				38,997
Metals & Mining — 0.5%
Alcoa Nederland Holding BV
6.75%, 9/30/2024(a)		545		563
7.00%, 9/30/2026(a)		1,560		1,672
6.13%, 5/15/2028(a)		590		651
Allegheny Technologies, Inc. 7.88%, 8/15/2023(h)		1,000		1,083
Arconic Corp.
6.00%, 5/15/2025(a)		869		936
6.13%, 2/15/2028(a)		750		814
Commercial Metals Co. 4.88%, 5/15/2023		895		942
Constellium SE
5.75%, 5/15/2024(a)		250		255
6.63%, 3/1/2025(a)		250		258
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022(a)		215		222
4.50%, 9/15/2027(a)		450		493
Freeport-McMoRan, Inc.
3.88%, 3/15/2023		200		209
5.00%, 9/1/2027		1,230		1,307
4.13%, 3/1/2028		407		428
4.38%, 8/1/2028		963		1,029
4.25%, 3/1/2030		435		473
5.45%, 3/15/2043		520		650
Glencore Funding LLC (Australia) 1.63%, 9/1/2025(a)		9,050		9,179
Kaiser Aluminum Corp. 6.50%, 5/1/2025(a)		1,345		1,439
Novelis Corp.
5.88%, 9/30/2026(a)		350		367
4.75%, 1/30/2030(a)		280		297
				23,267
Multiline Retail — 0.0%(b)
Macy’s, Inc. 8.38%, 6/15/2025(a)		1,115		1,215
Nordstrom, Inc. 8.75%, 5/15/2025(a)		1,065		1,188
				2,403
Multi-Utilities — 0.4%
Ameren Corp. 2.50%, 9/15/2024		880		936
Dominion Energy, Inc.
4.10%, 4/1/2021(h)		1,250		1,265
2.72%, 8/15/2021(h)		1,150		1,168
Series A, 3.30%, 3/15/2025		6,570		7,251
NiSource, Inc. 0.95%, 8/15/2025		7,250		7,246
Public Service Enterprise Group, Inc.
2.65%, 11/15/2022		75		78
0.80%, 8/15/2025		3,480		3,475
Sempra Energy (ICE LIBOR USD 3 Month + 0.45%), 0.70%, 3/15/2021(d)		195		195
				21,614
Oil, Gas & Consumable Fuels — 3.1%
Antero Midstream Partners LP 5.38%, 9/15/2024		870		821
Antero Resources Corp. 5.13%, 12/1/2022		1,377		1,308
Apache Corp.
4.63%, 11/15/2025		1,999		2,078
4.88%, 11/15/2027		59		62
APT Pipelines Ltd. (Australia)
3.88%, 10/11/2022(a)		10,128		10,626
4.20%, 3/23/2025(a)		3,088		3,396
Azure Power Energy Ltd. (India) 5.50%, 11/3/2022(c)		900		927
Blue Racer Midstream LLC 6.13%, 11/15/2022(a)		1,730		1,730
BP Capital Markets America, Inc. 3.19%, 4/6/2025		4,000		4,391
Buckeye Partners LP
4.15%, 7/1/2023		665		672
4.13%, 3/1/2025(a)		285		284
4.13%, 12/1/2027		725		718
4.50%, 3/1/2028(a)		285		285
Cenovus Energy, Inc. (Canada) 5.38%, 7/15/2025		1,573		1,735
Cheniere Energy Partners LP 5.25%, 10/1/2025		2,785		2,858
Cheniere Energy, Inc. 4.63%, 10/15/2028(a)		740		767
Comstock Resources, Inc. 9.75%, 8/15/2026		1,111		1,175
Continental Resources, Inc.
5.00%, 9/15/2022		1,460		1,463
5.75%, 1/15/2031(a)		825		885

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Crestwood Midstream Partners LP 6.25%, 4/1/2023(h)		930		934
DCP Midstream Operating LP
3.88%, 3/15/2023		785		805
5.38%, 7/15/2025		1,020		1,100
5.63%, 7/15/2027		295		319
Diamondback Energy, Inc. 5.38%, 5/31/2025		6,000		6,246
Enbridge, Inc. (Canada)
2.90%, 7/15/2022		75		78
2.50%, 1/15/2025		5,900		6,216
Energen Corp. 4.63%, 9/1/2021		6,823		6,909
EnLink Midstream Partners LP 4.40%, 4/1/2024		1,085		1,046
EQM Midstream Partners LP
4.75%, 7/15/2023		1,485		1,515
6.00%, 7/1/2025(a)		865		921
EQT Corp. 7.88%, 2/1/2025(h)		1,285		1,471
Equinor ASA (Norway) 2.88%, 4/6/2025		7,210		7,835
Exxon Mobil Corp. 2.99%, 3/19/2025		7,095		7,751
Genesis Energy LP 7.75%, 2/1/2028		247		227
Gray Oak Pipeline LLC 2.60%, 10/15/2025(a)		15,515		15,751
Gulfport Energy Corp.
6.63%, 5/1/2023(i)		660		398
6.00%, 10/15/2024(i)		1,080		651
MEG Energy Corp. (Canada)
6.50%, 1/15/2025(a)		1,007		1,027
7.13%, 2/1/2027(a)		378		371
MPLX LP 1.75%, 3/1/2026		9,635		9,762
NuStar Logistics LP
6.75%, 2/1/2021		50		50
5.75%, 10/1/2025		192		202
6.00%, 6/1/2026		470		495
6.38%, 10/1/2030		192		208
Occidental Petroleum Corp.
2.70%, 8/15/2022		900		887
2.90%, 8/15/2024		970		904
8.00%, 7/15/2025		413		453
5.88%, 9/1/2025		822		830
8.50%, 7/15/2027		444		491
6.38%, 9/1/2028		192		196
8.88%, 7/15/2030		494		557
6.63%, 9/1/2030		192		200
ONEOK, Inc. 2.75%, 9/1/2024		3,370		3,515
Parsley Energy LLC
5.25%, 8/15/2025(a)		430		446
5.63%, 10/15/2027(a)		435		469
PBF Holding Co. LLC
9.25%, 5/15/2025(a)		127		126
6.00%, 2/15/2028(a)		590		310
Petroleos Mexicanos (Mexico)
4.50%, 1/23/2026		3,800		3,589
6.88%, 8/4/2026		3,350		3,467
QEP Resources, Inc. 5.25%, 5/1/2023		620		530
Range Resources Corp. 5.00%, 3/15/2023		748		731
SM Energy Co.
6.13%, 11/15/2022		625		556
6.63%, 1/15/2027		685		385
Southwestern Energy Co. 6.45%, 1/23/2025(h)		1,495		1,529
Summit Midstream Holdings LLC 5.50%, 8/15/2022		105		86
Sunoco LP 4.88%, 1/15/2023		85		86
Tallgrass Energy Partners LP 4.75%, 10/1/2023(a)		610		599
Targa Resources Partners LP
5.88%, 4/15/2026		4,010		4,221
6.88%, 1/15/2029		1,180		1,323
4.88%, 2/1/2031(a)		320		340
TerraForm Power Operating LLC 4.25%, 1/31/2023(a)		314		324
Trinidad Petroleum Holdings Ltd. (Trinidad and Tobago) 9.75%, 6/15/2026(a)		2,000		2,251
Valero Energy Corp. 1.20%, 3/15/2024		9,400		9,398
W&T Offshore, Inc. 9.75%, 11/1/2023(a)		134		82
Western Midstream Operating LP 4.00%, 7/1/2022		380		387
WPX Energy, Inc.
5.25%, 9/15/2024		750		802
5.75%, 6/1/2026		1,375		1,449
4.50%, 1/15/2030		940		974
				150,962
Personal Products — 0.0%(b)
Edgewell Personal Care Co.
4.70%, 5/24/2022		475		493
5.50%, 6/1/2028(a)		904		971
Prestige Brands, Inc. 6.38%, 3/1/2024(a)		595		610
				2,074
Pharmaceuticals — 0.7%
Bausch Health Americas, Inc.
9.25%, 4/1/2026(a)		3,465		3,847
8.50%, 1/31/2027(a)		50		55
Bausch Health Cos., Inc.
7.00%, 3/15/2024(a)		130		134
6.13%, 4/15/2025(a)		1,880		1,934
5.50%, 11/1/2025(a)		4,155		4,280
5.75%, 8/15/2027(a)		2,915		3,134
7.00%, 1/15/2028(a)		27		29
5.00%, 1/30/2028(a)		1,824		1,823
5.00%, 2/15/2029(a)		580		584
5.25%, 1/30/2030(a)		228		233
5.25%, 2/15/2031(a)		465		470

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Elanco Animal Health, Inc. 5.90%, 8/28/2028(h)		950		1,115
EMD Finance LLC (Germany) 2.95%, 3/19/2022(a)		150		154
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(a)		1,290		1,393
Shire Acquisitions Investments Ireland DAC 2.88%, 9/23/2023		9,068		9,624
Viatris, Inc. 1.65%, 6/22/2025(a)		5,285		5,443
Zoetis, Inc.
(ICE LIBOR USD 3 Month + 0.44%), 0.66%, 8/20/2021(d)		185		186
3.25%, 8/20/2021		240		245
				34,683
Professional Services — 0.0%(b)
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026(a)		240		257
Real Estate Management & Development — 0.0%(b)
China Evergrande Group (China) 8.75%, 6/28/2025(c)		2,100		1,616
Road & Rail — 0.2%
Avis Budget Car Rental LLC
6.38%, 4/1/2024(a)		369		376
5.25%, 3/15/2025(a)		500		496
5.75%, 7/15/2027(a)		580		581
Hertz Corp. (The)
7.63%, 6/1/2022(a)(i)		138		133
5.50%, 10/15/2024(a)(i)		1,820		805
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		400		457
Ryder System, Inc.
3.50%, 6/1/2021		15		15
3.35%, 9/1/2025		4,405		4,871
				7,734
Semiconductors & Semiconductor Equipment — 0.1%
Analog Devices, Inc. 2.50%, 12/5/2021		75		76
Microchip Technology, Inc. 4.25%, 9/1/2025(a)		95		100
ON Semiconductor Corp. 3.88%, 9/1/2028(a)		1,115		1,148
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)		1,620		1,681
				3,005
Software — 0.1%
CDK Global, Inc. 4.88%, 6/1/2027		1,235		1,300
Nuance Communications, Inc. 5.63%, 12/15/2026		611		646
SS&C Technologies, Inc. 5.50%, 9/30/2027(a)		1,055		1,129
				3,075
Specialty Retail — 0.6%
AutoZone, Inc. 3.63%, 4/15/2025		6,000		6,683
Gap, Inc. (The) 8.88%, 5/15/2027(a)		1,435		1,665
Group 1 Automotive, Inc. 4.00%, 8/15/2028(a)		1,260		1,289
L Brands, Inc.
5.63%, 10/15/2023		825		882
6.88%, 7/1/2025(a)		885		957
6.88%, 11/1/2035		500		544
Penske Automotive Group, Inc. 5.50%, 5/15/2026		935		972
PetSmart, Inc.
7.13%, 3/15/2023(a)		1,720		1,699
5.88%, 6/1/2025(a)		1,855		1,876
Staples, Inc.
7.50%, 4/15/2026(a)		1,670		1,683
10.75%, 4/15/2027(a)		830		780
TJX Cos., Inc. (The) 3.50%, 4/15/2025		7,100		7,892
				26,922
Technology Hardware, Storage & Peripherals — 0.1%
EMC Corp. 3.38%, 6/1/2023		1,989		2,054
NCR Corp.
5.75%, 9/1/2027(a)		1,635		1,721
5.00%, 10/1/2028(a)		964		998
Western Digital Corp. 4.75%, 2/15/2026		1,115		1,218
Xerox Corp. 4.38%, 3/15/2023(h)		92		96
				6,087
Textiles, Apparel & Luxury Goods — 0.0%(b)
Hanesbrands, Inc. 4.63%, 5/15/2024(a)		250		263
William Carter Co. (The)
5.50%, 5/15/2025(a)		665		705
5.63%, 3/15/2027(a)		370		390
				1,358
Thrifts & Mortgage Finance — 0.9%
BPCE SA (France)
(ICE LIBOR USD 3 Month + 1.24%), 1.49%, 9/12/2023(a)(d)		250		254
2.38%, 1/14/2025(a)		3,855		4,051
(SOFR + 1.52%), 1.65%, 10/6/2026(a)(d)		11,305		11,494
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 3/15/2022(a)		210		210
Nationwide Building Society (United Kingdom)
2.00%, 1/27/2023(a)		5,200		5,368
(ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023(a)(d)		5,375		5,588
(ICE LIBOR USD 3 Month + 1.06%), 3.77%, 3/8/2024(a)(d)		1,000		1,062
3.90%, 7/21/2025(a)		9,150		10,360

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Quicken Loans LLC
5.25%, 1/15/2028(a)		900		954
3.63%, 3/1/2029(a)		1,320		1,312
3.88%, 3/1/2031(a)		130		132
Radian Group, Inc. 4.50%, 10/1/2024		335		348
				41,133
Tobacco — 0.8%
Altria Group, Inc. 2.35%, 5/6/2025		7,085		7,509
BAT Capital Corp. (United Kingdom)
2.79%, 9/6/2024		9,615		10,267
4.70%, 4/2/2027		2,760		3,231
BAT International Finance plc (United Kingdom) 1.67%, 3/25/2026		5,320		5,415
Imperial Brands Finance plc (United Kingdom)
3.75%, 7/21/2022(a)		1,500		1,561
3.13%, 7/26/2024(a)		8,410		8,972
				36,955
Trading Companies & Distributors — 1.0%
Ahern Rentals, Inc. 7.38%, 5/15/2023(a)		145		100
Air Lease Corp.
3.50%, 1/15/2022		1,500		1,541
3.75%, 2/1/2022		3,919		4,027
2.63%, 7/1/2022		485		498
2.25%, 1/15/2023		5,811		5,954
2.75%, 1/15/2023		9,004		9,281
3.88%, 7/3/2023		3,000		3,177
2.88%, 1/15/2026		9,615		9,954
Aviation Capital Group LLC 5.50%, 12/15/2024(a)		4,935		5,283
Beacon Roofing Supply, Inc. 4.88%, 11/1/2025(a)		600		608
Herc Holdings, Inc. 5.50%, 7/15/2027(a)		1,610		1,697
United Rentals North America, Inc.
3.88%, 11/15/2027		500		524
4.88%, 1/15/2028		3,655		3,901
3.88%, 2/15/2031		327		342
WESCO Distribution, Inc.
5.38%, 6/15/2024		250		256
7.13%, 6/15/2025(a)		1,755		1,911
				49,054
Transportation Infrastructure — 0.2%
Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.38%, 4/30/2025(a)		7,105		7,554
Wireless Telecommunication Services — 0.7%
Hughes Satellite Systems Corp.
7.63%, 6/15/2021		50		51
5.25%, 8/1/2026		1,585		1,749
Kenbourne Invest SA (Chile) 6.88%, 11/26/2024(c)		2,100		2,233
Sprint Corp.
7.25%, 9/15/2021		300		312
7.88%, 9/15/2023		1,025		1,181
7.13%, 6/15/2024		306		356
7.63%, 2/15/2025		546		654
7.63%, 3/1/2026		7,449		9,263
T-Mobile USA, Inc.
6.00%, 4/15/2024		150		153
6.50%, 1/15/2026		120		125
4.50%, 2/1/2026		1,828		1,877
1.50%, 2/15/2026(a)		10,605		10,763
4.75%, 2/1/2028		5,053		5,426
Vodafone Group plc (United Kingdom)
3.75%, 1/16/2024		75		82
4.13%, 5/30/2025		135		155
				34,380
TOTAL CORPORATE BONDS (Cost $2,028,321)				2,083,276
MORTGAGE-BACKED SECURITIES — 13.2%
FHLMC Gold Pools, 15 Year
Pool # J24740, 3.00%, 7/1/2028		76		81
Pool # G15655, 3.00%, 10/1/2028		193		204
Pool # G18528, 3.50%, 10/1/2029		4,942		5,289
Pool # G15890, 3.00%, 7/1/2031		5,248		5,601
FHLMC Gold Pools, 20 Year Pool # C91649, 3.00%, 4/1/2033		58		61
FHLMC Gold Pools, 30 Year Pool # G61879, 4.50%, 3/1/2047		402		445
FHLMC UMBS, 15 Year
Pool # ZS8594, 3.00%, 1/1/2031		2,502		2,624
Pool # ZS8598, 3.00%, 2/1/2031		2,651		2,781
Pool # SB0268, 3.00%, 5/1/2033		780		818
Pool # SB0041, 3.50%, 7/1/2034		5,253		5,711
FHLMC UMBS, 30 Year
Pool # ZS9524, 3.50%, 1/1/2044		18,127		19,786
Pool # SD0057, 3.50%, 5/1/2048		7,929		8,651
FNMA UMBS, 15 Year
Pool # BM4202, 3.50%, 12/1/2029		7,918		8,462
Pool # AL8153, 3.00%, 3/1/2031		5,331		5,686
Pool # AL9552, 3.50%, 8/1/2031		510		557

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # AS9697, 3.50%, 5/1/2032		185		198
Pool # CA0778, 3.00%, 11/1/2032		322		344
Pool # BM5464, 3.00%, 2/1/2033		4,202		4,396
Pool # MA4179, 2.00%, 11/1/2035		72,846		75,862
Pool # MA4206, 2.00%, 12/1/2035		107,150		111,587
Pool # MA4229, 2.00%, 12/1/2035(j)		53,160		55,357
FNMA UMBS, 20 Year
Pool # MA1446, 3.50%, 5/1/2033		285		302
Pool # MA1527, 3.00%, 8/1/2033		178		189
Pool # MA1921, 3.50%, 6/1/2034		10,573		11,401
Pool # CA1791, 3.50%, 2/1/2038		18,232		19,613
FNMA UMBS, 30 Year
Pool # AB1463, 4.00%, 9/1/2040		10,521		11,627
Pool # AL7453, 4.00%, 2/1/2045		7,446		8,295
Pool # AS7039, 4.50%, 4/1/2046		1,728		1,906
Pool # FM1719, 4.50%, 11/1/2046		19,830		22,217
Pool # CA3519, 4.50%, 5/1/2049		35,604		39,824
FNMA, Other
Pool # BF0125, 4.00%, 7/1/2056		15,218		16,948
Pool # BF0144, 3.50%, 10/1/2056		7,985		8,867
Pool # BF0184, 4.00%, 2/1/2057		4,744		5,284
Pool # BF0263, 3.50%, 5/1/2058		7,936		8,882
Pool # BF0381, 4.00%, 4/1/2059		4,371		4,868
FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 2.00%, 12/25/2035(j)		28,100		29,251
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.00%, 12/25/2050(j)		65,260		67,795
GNMA II, 30 Year
Pool # MA6820, 3.00%, 8/20/2050		22,117		23,267
Pool # MA6866, 3.00%, 9/20/2050		14,976		15,726
Pool # MA6931, 2.50%, 10/20/2050		12,968		13,675
Pool # MA6995, 2.50%, 11/20/2050		10,300		10,836
TOTAL MORTGAGE-BACKED SECURITIES (Cost $626,389)				635,274
ASSET-BACKED SECURITIES — 10.6%
ACC Trust
Series 2019-2, Class A, 2.82%, 2/21/2023(a)		4,526		4,545
Series 2018-1, Class C, 6.81%, 2/21/2023(a)		1,981		1,992
Affirm Asset Securitization Trust Series 2020-A, Class A, 2.95%, 2/18/2025(a)		5,000		5,028
American Credit Acceptance Receivables Trust
Series 2017-2, Class D, 3.69%, 6/12/2023(a)		359		361
Series 2019-4, Class B, 2.43%, 10/12/2023(a)		5,700		5,755
Series 2018-1, Class D, 3.93%, 4/10/2024(a)		581		589
Series 2018-2, Class E, 5.16%, 9/10/2024(a)		750		779
Series 2018-3, Class C, 3.75%, 10/15/2024(a)		199		201
Series 2018-3, Class E, 5.17%, 10/15/2024(a)		750		782
Series 2019-1, Class D, 3.81%, 4/14/2025(a)		7,000		7,263
Series 2019-1, Class E, 4.84%, 4/14/2025(a)		5,500		5,803
Series 2019-3, Class D, 2.89%, 9/12/2025(a)		913		933
Series 2019-3, Class E, 3.80%, 9/12/2025(a)		577		599
Series 2019-4, Class C, 2.69%, 12/12/2025(a)		4,010		4,095
Series 2019-4, Class D, 2.97%, 12/12/2025(a)		2,980		3,068
Series 2019-4, Class E, 3.85%, 12/12/2025(a)		3,340		3,420
Series 2020-1, Class C, 2.19%, 3/13/2026(a)		14,630		14,845
Series 2020-1, Class E, 3.32%, 3/13/2026(a)		5,000		5,042
Series 2020-3, Class C, 1.85%, 6/15/2026(a)		3,150		3,196
Series 2020-4, Class C, 1.31%, 12/14/2026(a)		3,510		3,520
Series 2020-4, Class D, 1.77%, 12/14/2026(a)		5,527		5,548
AmeriCredit Automobile Receivables Trust
Series 2017-2, Class D, 3.42%, 4/18/2023		5,160		5,307
Series 2017-3, Class D, 3.18%, 7/18/2023		500		516
Series 2019-1, Class C, 3.36%, 2/18/2025		750		791
Series 2019-2, Class C, 2.74%, 4/18/2025		1,000		1,040
Series 2019-2, Class D, 2.99%, 6/18/2025		3,500		3,670

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Aqua Finance Trust Series 2020-AA, Class A, 1.90%, 7/17/2046(a)		3,975		3,993
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026(a)		4,730		4,859
BCC Funding Corp. XVI LLC Series 2019-1A, Class A2, 2.46%, 8/20/2024(a)		11,923		12,089
Business Jet Securities LLC Series 2020-1A, Class A, 2.98%, 11/15/2035(a)		5,062		5,124
CARS-DB4 LP
Series 2020-1A, Class A4, 3.19%, 2/15/2050(a)		1,500		1,544
Series 2020-1A, Class B1, 4.17%, 2/15/2050‡(a)		1,500		1,562
Carvana Auto Receivables Trust
Series 2019-4A, Class B, 2.53%, 7/15/2024(a)		7,550		7,725
Series 2019-4A, Class D, 3.07%, 7/15/2025(a)		1,821		1,882
Series 2020-N1A, Class D, 3.43%, 1/15/2026(a)		4,200		4,370
Cascade MH Asset Trust Series 2019-MH1, Class A, 4.00%, 11/25/2044(a)(k)		4,663		4,809
CF Hippolyta LLC
Series 2020-1, Class A1, 1.69%, 7/15/2060(a)		5,155		5,218
Series 2020-1, Class B1, 2.28%, 7/15/2060‡(a)		2,849		2,887
CIG Auto Receivables Trust
Series 2019-1A, Class B, 3.59%, 8/15/2024(a)		3,675		3,764
Series 2020-1A, Class B, 1.55%, 1/13/2025(a)		4,000		4,006
Conn’s Receivables Funding LLC
Series 2019-A, Class C, 5.29%, 10/16/2023‡(a)		486		480
Series 2019-B, Class B, 3.62%, 6/17/2024‡(a)		2,500		2,481
CPS Auto Receivables Trust
Series 2016-B, Class D, 6.58%, 3/15/2022(a)		4,058		4,113
Series 2017-D, Class C, 3.01%, 10/17/2022(a)		119		120
Series 2019-B, Class C, 3.35%, 1/15/2024(a)		4,575		4,662
Series 2020-A, Class B, 2.36%, 2/15/2024(a)		2,185		2,218
Series 2019-D, Class D, 2.72%, 9/15/2025(a)		2,100		2,142
Series 2020-A, Class C, 2.54%, 12/15/2025(a)		1,690		1,724
Series 2020-A, Class D, 2.90%, 12/15/2025(a)		5,500		5,655
CPS Auto Trust
Series 2016-D, Class D, 4.53%, 1/17/2023(a)		97		98
Series 2018-C, Class D, 4.40%, 6/17/2024(a)		500		517
Credit Acceptance Auto Loan Trust
Series 2018-3A, Class B, 3.89%, 10/15/2027(a)		350		358
Series 2018-3A, Class C, 4.04%, 12/15/2027(a)		350		360
Series 2019-3A, Class A, 2.38%, 11/15/2028(a)		3,210		3,297
Series 2019-3A, Class B, 2.86%, 1/16/2029(a)		9,250		9,629
Series 2020-3A, Class B, 1.77%, 12/17/2029(a)		8,600		8,651
Drive Auto Receivables Trust
Series 2019-3, Class B, 2.65%, 2/15/2024		1,187		1,201
Series 2018-3, Class D, 4.30%, 9/16/2024		500		518
Series 2019-3, Class C, 2.90%, 8/15/2025		1,000		1,031
Series 2019-4, Class C, 2.51%, 11/17/2025		2,000		2,041
Series 2018-4, Class D, 4.09%, 1/15/2026		500		520
Series 2019-2, Class D, 3.69%, 8/17/2026		500		525
Series 2019-3, Class D, 3.18%, 10/15/2026		3,000		3,119
Series 2019-4, Class D, 2.70%, 2/16/2027		5,000		5,157
DT Auto Owner Trust
Series 2017-3A, Class D, 3.58%, 5/15/2023(a)		122		123
Series 2017-4A, Class D, 3.47%, 7/17/2023(a)		80		80
Series 2017-2A, Class E, 6.03%, 1/15/2024(a)		1,500		1,539
Series 2019-4A, Class B, 2.36%, 1/16/2024(a)		3,560		3,608
Series 2017-1A, Class E, 5.79%, 2/15/2024(a)		5,000		5,054
Series 2018-3A, Class D, 4.19%, 7/15/2024(a)		800		832
Series 2019-4A, Class C, 2.73%, 7/15/2025(a)		2,068		2,119
Series 2019-4A, Class D, 2.85%, 7/15/2025(a)		10,000		10,312
Series 2020-1A, Class C, 2.29%, 11/17/2025(a)		5,156		5,265
Series 2020-1A, Class D, 2.55%, 11/17/2025(a)		3,735		3,812
Series 2020-1A, Class E, 3.48%, 2/16/2027(a)		5,000		5,031
Exeter Automobile Receivables Trust
Series 2018-3A, Class C, 3.71%, 6/15/2023(a)		409		414

JPMorgan Short Duration Core Plus 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)		3,000		3,071
Series 2017-1A, Class D, 6.20%, 11/15/2023(a)		1,860		1,931
Series 2019-3A, Class C, 2.79%, 5/15/2024(a)		1,500		1,531
Series 2018-3A, Class E, 5.43%, 8/15/2024(a)		3,385		3,626
Series 2019-4A, Class C, 2.44%, 9/16/2024(a)		5,000		5,102
Series 2019-1A, Class D, 4.13%, 12/16/2024(a)		3,850		4,014
Series 2020-1A, Class C, 2.49%, 1/15/2025(a)		2,700		2,772
Series 2019-3A, Class D, 3.11%, 8/15/2025(a)		620		639
Series 2019-4A, Class D, 2.58%, 9/15/2025(a)		7,940		8,146
Series 2020-1A, Class D, 2.73%, 12/15/2025(a)		1,440		1,495
Series 2020-2A, Class D, 4.73%, 4/15/2026(a)		5,000		5,408
Series 2019-3A, Class E, 4.00%, 8/17/2026(a)		810		828
Series 2019-4A, Class E, 3.56%, 10/15/2026(a)		3,000		3,054
Fair Square Issuance Trust Series 2020-AA, Class A, 2.90%, 9/20/2024(a)		2,750		2,782
First Investors Auto Owner Trust Series 2019-2A, Class B, 2.47%, 1/15/2025(a)		3,095		3,164
Flagship Credit Auto Trust
Series 2018-3, Class A, 3.07%, 2/15/2023(a)		90		90
Series 2017-4, Class D, 3.58%, 1/15/2024(a)		300		308
Series 2019-4, Class B, 2.53%, 11/17/2025(a)		3,360		3,468
Series 2019-4, Class C, 2.77%, 12/15/2025(a)		2,480		2,575
Series 2020-1, Class C, 2.24%, 1/15/2026(a)		3,460		3,548
FREED ABS Trust
Series 2018-1, Class B, 4.56%, 7/18/2024(a)		190		190
Series 2018-2, Class B, 4.61%, 10/20/2025(a)		500		508
Series 2019-1, Class B, 3.87%, 6/18/2026(a)		830		839
Series 2019-2, Class A, 2.62%, 11/18/2026(a)		1,677		1,687
Series 2019-2, Class B, 3.19%, 11/18/2026(a)		6,410		6,462
Series 2020-FP1, Class A, 2.52%, 3/18/2027(a)		4,964		4,979
GLS Auto Receivables Issuer Trust
Series 2019-4A, Class A, 2.47%, 11/15/2023(a)		1,789		1,808
Series 2019-4A, Class B, 2.78%, 9/16/2024(a)		1,500		1,543
Series 2019-3A, Class C, 2.96%, 5/15/2025(a)		5,000		5,143
Series 2019-4A, Class C, 3.06%, 8/15/2025(a)		1,200		1,248
GLS Auto Receivables Trust
Series 2018-1A, Class B, 3.52%, 8/15/2023(a)		500		508
Series 2018-2A, Class C, 4.17%, 4/15/2024(a)		300		310
LendingPoint Asset Securitization Trust Series 2020-REV1, Class A, 2.73%, 10/15/2028(a)		12,000		12,064
Lendmark Funding Trust Series 2019-2A, Class A, 2.78%, 4/20/2028(a)		11,255		11,559
LL ABS Trust Series 2019-1A, Class A, 2.87%, 3/15/2027(a)		1,973		1,983
Marlette Funding Trust
Series 2017-3A, Class C, 4.01%, 12/15/2024‡(a)		24		24
Series 2019-4A, Class A, 2.39%, 12/17/2029(a)		4,721		4,760
Series 2020-1A, Class A, 2.24%, 3/15/2030(a)		1,815		1,827
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049(a)		743		687
MFA LLC Series 2018-NPL1, Class A1, 3.88%, 5/25/2048(a)(h)		346		347
Morgan Stanley ABS Capital I, Inc. Trust Series 2004-SD1, Class A, 0.95%, 8/25/2034‡(k)		516		502
Oportun Funding IX LLC Series 2018-B, Class A, 3.91%, 7/8/2024(a)		2,050		2,084
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024(a)		1,000		1,028
Series 2018-1A, Class C, 3.75%, 10/15/2024(a)		500		512
Series 2018-1A, Class D, 4.14%, 10/15/2024(a)		7,240		7,536
Prosper Marketplace Issuance Trust
Series 2019-3A, Class A, 3.19%, 7/15/2025(a)		1,238		1,243
Series 2019-4A, Class A, 2.48%, 2/17/2026(a)		1,771		1,778
Regional Management Issuance Trust Series 2019-1, Class A, 3.05%, 11/15/2028(a)		8,182		8,299
Santander Drive Auto Receivables Trust
Series 2017-3, Class E, 4.97%, 1/15/2025		5,000		5,186
Series 2018-1, Class E, 4.37%, 5/15/2025(a)		5,000		5,153

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2018-4, Class D, 3.98%, 12/15/2025		500		523
Series 2020-3, Class C, 1.12%, 1/15/2026		1,970		1,977
Series 2020-2, Class D, 2.22%, 9/15/2026		6,175		6,305
Series 2020-4, Class D, 1.48%, 1/15/2027		1,785		1,790
Santander Revolving Auto Loan Trust Series 2019-A, Class A, 2.51%, 1/26/2032(a)		14,400		15,323
Small Business Lending Trust Series 2020-A, Class A, 2.62%, 12/15/2026(a)		2,270		2,257
SoFi Consumer Loan Program LLC
Series 2017-6, Class B, 3.52%, 11/25/2026‡(a)		192		197
Series 2017-6, Class C, 4.02%, 11/25/2026‡(a)		300		305
SoFi Professional Loan Program Trust Series 2020-A, Class A2FX, 2.54%, 5/15/2046(a)		2,625		2,711
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A, 2.56%, 11/25/2031(a)		2,167		2,313
United Airlines Pass-Through Trust Series 2019-1, Class AA, 4.15%, 8/25/2031		303		301
United Auto Credit Securitization Trust Series 2020-1, Class C, 2.15%, 2/10/2025(a)		3,800		3,852
Upgrade Receivables Trust Series 2019-2A, Class A, 2.77%, 10/15/2025(a)		1,749		1,752
Upstart Securitization Trust
Series 2019-2, Class A, 2.90%, 9/20/2029(a)		1,709		1,721
Series 2020-1, Class A, 2.32%, 4/22/2030(a)		6,328		6,375
Series 2020-3, Class A, 1.70%, 11/20/2030(a)		8,164		8,191
USASF Receivables LLC Series 2020-1A, Class A, 2.47%, 2/15/2023(a)		3,263		3,292
Vantage Data Centers Issuer LLC Series 2019-1A, Class A2, 3.19%, 7/15/2044(a)		691		724
Vericrest Opportunity Loan Trust
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049(a)(h)		2,077		2,082
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050‡(a)(h)		9,555		9,565
Veros Automobile Receivables Trust Series 2020-1, Class A, 1.67%, 9/15/2023(a)		3,570		3,579
VOLT LXXXIII LLC Series 2019-NPL9, Class A1A, 3.33%, 11/26/2049‡(a)(h)		7,972		7,989
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050‡(a)(h)		2,815		2,822
VOLT XCI LLC Series 2020-NPL7, Class A1, 3.10%, 11/25/2050(a)(h)		10,037		10,037
Westgate Resorts LLC Series 2020-1A, Class A, 2.71%, 3/20/2034(a)		1,910		1,956
Westlake Automobile Receivables Trust
Series 2018-1A, Class E, 4.53%, 5/15/2023(a)		3,100		3,162
Series 2018-3A, Class D, 4.00%, 10/16/2023(a)		500		515
Series 2019-2A, Class C, 2.84%, 7/15/2024(a)		2,000		2,042
Series 2019-3A, Class C, 2.49%, 10/15/2024(a)		4,500		4,601
Series 2019-2A, Class D, 3.20%, 11/15/2024(a)		1,000		1,030
Series 2019-3A, Class E, 3.59%, 3/17/2025(a)		1,700		1,728
Series 2019-3A, Class F, 4.72%, 4/15/2026(a)		2,000		2,028
TOTAL ASSET-BACKED SECURITIES (Cost $506,003)				513,720
U.S. TREASURY OBLIGATIONS — 9.8%
U.S. Treasury Notes
2.25%, 3/31/2021		85		86
1.75%, 7/15/2022		2,620		2,688
0.13%, 8/31/2022		29,940		29,929
1.63%, 12/15/2022		600		618
1.50%, 1/15/2023		63,505		65,311
1.75%, 1/31/2023		435		450
1.38%, 2/15/2023		4,375		4,492
0.50%, 3/15/2023		173,165		174,484
0.25%, 4/15/2023		9,680		9,700
0.13%, 5/15/2023		17,230		17,213
0.25%, 6/15/2023		1,980		1,984
0.13%, 7/15/2023		47,595		47,530
0.13%, 8/15/2023		50,810		50,740
0.13%, 9/15/2023		44,830		44,756
0.25%, 11/15/2023		16,530		16,560
0.25%, 5/31/2025		415		414
0.25%, 10/31/2025		5,045		5,019
2.38%, 5/15/2029		985		1,117
TOTAL U.S. TREASURY OBLIGATIONS (Cost $470,460)				473,091

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 8.5%
Alternative Loan Trust
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		252		256
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		209		213
Angel Oak Mortgage Trust
Series 2019-5, Class A1, 2.59%, 10/25/2049(a)(k)		3,535		3,580
Series 2019-5, Class A3, 2.92%, 10/25/2049(a)(k)		2,828		2,833
Series 2019-5, Class B1, 3.96%, 10/25/2049‡(a)(k)		1,060		1,058
Series 2019-3, Class A1, 2.93%, 5/25/2059(a)(k)		1,006		1,020
Series 2019-3, Class B1, 4.10%, 5/25/2059‡(a)(k)		1,000		1,011
Angel Oak Mortgage Trust I LLC
Series 2018-2, Class A1, 3.67%, 7/27/2048(a)(k)		170		173
Series 2018-2, Class B1, 4.89%, 7/27/2048(a)(k)		4,000		4,058
Series 2018-3, Class B1, 5.04%, 9/25/2048(a)(k)		4,000		4,074
Arroyo Mortgage Trust
Series 2019-1, Class A1, 3.80%, 1/25/2049(a)(k)		251		260
Series 2019-2, Class A3, 3.80%, 4/25/2049(a)(k)		665		683
CHL Mortgage Pass-Through Trust
Series 2005-J2, Class 3A8, 5.50%, 8/25/2035		728		596
Series 2006-HYB2, Class 2A1B, 3.42%, 4/20/2036(k)		152		142
CIM Trust
Series 2019-INV2, Class A11, 1.10%, 5/25/2049‡(a)(k)		437		437
Series 2019-INV3, Class A11, 1.10%, 8/25/2049(a)(k)		3,070		3,077
Citigroup Mortgage Loan Trust, Inc.
Series 2019-IMC1, Class A1, 2.72%, 7/25/2049(a)(k)		737		751
Series 2019-IMC1, Class A3, 3.03%, 7/25/2049(a)(k)		696		709
Series 2019-IMC1, Class B1, 3.97%, 7/25/2049‡(a)(k)		410		417
COLT Mortgage Loan Trust
Series 2019-3, Class A1, 2.76%, 8/25/2049(a)(k)		400		404
Series 2019-4, Class A1, 2.58%, 11/25/2049(a)(k)		1,345		1,361
Series 2019-4, Class A2, 2.84%, 11/25/2049(a)(k)		1,180		1,193
Series 2019-4, Class A3, 2.99%, 11/25/2049(a)(k)		1,770		1,782
Connecticut Avenue Securities Trust
Series 2019-R02, Class 1M2, 2.45%, 8/25/2031‡(a)(k)		4,359		4,337
Series 2019-R04, Class 2M2, 2.25%, 6/25/2039‡(a)(k)		5,103		5,083
Series 2019-R05, Class 1M2, 2.15%, 7/25/2039‡(a)(k)		1,098		1,093
Series 2019-R06, Class 2M2, 2.25%, 9/25/2039‡(a)(k)		8,925		8,889
Series 2019-R07, Class 1M2, 2.25%, 10/25/2039‡(a)(k)		2,698		2,685
Series 2020-R01, Class 1M2, 2.20%, 1/25/2040‡(a)(k)		735		726
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-9, Class 1A2, 5.25%, 10/25/2035		1,426		1,426
Deephaven Residential Mortgage Trust
Series 2017-3A, Class B2, 6.25%, 10/25/2047‡(a)(k)		1,000		990
Series 2019-4A, Class A3, 3.05%, 10/25/2059(a)(k)		2,005		1,990
Series 2019-4A, Class B1, 3.99%, 10/25/2059‡(a)(k)		2,620		2,609
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-3, Class 2A1, 0.90%, 10/25/2047(k)		921		842
FHLMC Employees Pension Plan 0.15%, 10/25/2032(k)		7,505		7,355
FHLMC Structured Agency Credit Risk Debt Notes
Series 2015-DNA1, Class M3, 3.45%, 10/25/2027(k)		900		924
Series 2017-DNA3, Class M1, 0.90%, 3/25/2030(k)		33		33
Series 2017-DNA3, Class M2, 2.65%, 3/25/2030(k)		250		253
Series 2018-HQA1, Class M2, 2.45%, 9/25/2030(k)		316		313
FHLMC, REMIC
Series 3806, Class L, 3.50%, 2/15/2026		4,647		4,938
Series 4533, Class KA, 3.00%, 11/15/2026		485		513
Series 3703, Class DY, 4.00%, 8/15/2030		210		230
Series 3036, Class NE, 5.00%, 9/15/2035		175		201
Series 3294, Class NE, 5.50%, 3/15/2037		329		386
Series 4284, Class EJ, 3.00%, 10/15/2038		140		142
Series 3820, Class GJ, 3.50%, 12/15/2039		96		99
Series 3904, Class EC, 2.00%, 8/15/2040		39		39
Series 3966, Class AG, 3.00%, 10/15/2040		1,071		1,102
Series 4091, Class TA, 3.00%, 5/15/2041		117		123

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 4467, Class AB, 3.00%, 7/15/2041		451		456
Series 4048, Class CA, 2.00%, 9/15/2041		303		310
Series 4467, Class DA, 3.00%, 11/15/2041		59		59
Series 4012, Class GS, IF, IO, 6.36%, 3/15/2042(k)		8,144		1,947
Series 4809, Class HA, 4.50%, 3/15/2043		536		537
Series 4661, Class HA, 3.00%, 5/15/2043		1,694		1,742
Series 4239, Class LD, 3.00%, 8/15/2043		112		121
Series 4480, Class QA, 3.00%, 11/15/2043		154		160
Series 4711, Class HA, 3.00%, 12/15/2043		82		84
Series 4466, Class NL, 3.50%, 12/15/2043		3,160		3,340
Series 4338, Class SA, IF, IO, 5.86%, 5/15/2044(k)		9,413		1,853
Series 4623, Class EB, 2.50%, 12/15/2044		278		289
Series 4477, Class SA, IF, IO, 6.01%, 5/15/2045(k)		7,702		1,562
Series 4505, Class SA, IF, IO, 6.01%, 8/15/2045(k)		6,094		1,580
Series 4843, Class PH, 4.00%, 7/15/2046		2,432		2,474
Series 4681, Class SD, IF, IO, 6.01%, 5/15/2047(k)		626		121
Series 4924, Class YP, 3.00%, 2/25/2049		5,476		5,859
Series 4906, Class QS, IF, IO, 5.90%, 9/25/2049(k)		8,133		1,656
Series 4925, Class SA, IF, IO, 5.90%, 10/25/2049(k)		8,625		1,572
Series 4925, Class SH, IF, IO, 5.95%, 10/25/2049(k)		14,299		2,984
Series 4937, Class MS, IF, IO, 5.90%, 12/25/2049(k)		23,075		4,290
Series 4954, Class SB, IF, IO, 5.90%, 2/25/2050(k)		14,398		2,908
Series 4954, Class SY, IF, IO, 5.90%, 2/25/2050(k)		14,815		2,784
Series 4632, Class MA, 4.00%, 8/15/2054		11,131		12,038
Series 4634, Class MD, 5.00%, 11/15/2054		24,602		26,616
Series 4630, Class MA, 4.00%, 1/15/2055		21,221		22,664
Series 4839, Class WS, IF, IO, 5.96%, 8/15/2056(k)		19,563		5,058
FHLMC, STRIPS
Series 306, Class 250, 2.50%, 5/15/2028		142		147
Series 267, Class S5, IF, IO, 5.86%, 8/15/2042(k)		7,602		1,641
Series 342, Class S7, IF, IO, 5.97%, 2/15/2045(k)		2,996		700
FNMA, Connecticut Avenue Securities
Series 2017-C07, Class 2M2, 2.65%, 5/25/2030(k)		3,064		3,048
Series 2018-C01, Class 1M2, 2.40%, 7/25/2030(k)		2,193		2,180
Series 2018-C02, Class 2M2, 2.35%, 8/25/2030(k)		2,617		2,581
Series 2018-C05, Class 1M2, 2.50%, 1/25/2031(k)		7,052		7,004
FNMA, REMIC
Series 2013-40, Class VA, 3.50%, 5/25/2026		893		935
Series 2017-41, Class MV, 4.00%, 8/25/2028		2,194		2,432
Series 2014-3, Class AM, 2.50%, 1/25/2032		1,382		1,419
Series 2013-67, Class VB, 4.00%, 6/25/2032		400		422
Series 2014-12, Class ED, 2.50%, 12/25/2032		1,096		1,135
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033		1,820		176
Series 2015-80, Class CA, 3.00%, 4/25/2040		309		311
Series 2014-84, Class KA, 3.00%, 11/25/2040		506		515
Series 2013-81, Class AE, 3.50%, 2/25/2041		690		725
Series 2016-11, Class LA, 3.50%, 5/25/2042		1,784		1,845
Series 2015-55, Class QA, 3.50%, 10/25/2042		103		105
Series 2015-2, Class PA, 2.25%, 3/25/2044		155		160
Series 2015-27, Class HA, 3.00%, 3/25/2044		6,623		6,987
Series 2014-75, Class JA, 3.00%, 10/25/2044		397		424
Series 2016-63, Class JA, 2.50%, 12/25/2044		371		388
Series 2017-14, Class DA, 3.00%, 2/25/2045		857		889
Series 2015-54, Class FA, 0.50%, 7/25/2045(k)		104		104
Series 2015-85, Class SA, IF, IO, 5.47%, 11/25/2045(k)		6,606		1,153
Series 2016-40, Class FA, 0.80%, 7/25/2046(k)		31		32
Series 2016-74, Class GS, IF, IO, 5.85%, 10/25/2046(k)		2,895		670
Series 2017-13, Class AS, IF, IO, 5.90%, 2/25/2047(k)		704		156
Series 2017-31, Class SG, IF, IO, 5.95%, 5/25/2047(k)		15,230		3,026
Series 2017-47, Class ST, IF, IO, 5.95%, 6/25/2047(k)		692		170

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2017-69, Class SH, IF, IO, 6.05%, 9/25/2047(k)		675		147
Series 2019-17, Class GB, 4.00%, 10/25/2047		1,442		1,557
Series 2018-27, Class SE, IF, IO, 6.05%, 5/25/2048(k)		1,405		305
Series 2019-31, Class S, IF, IO, 5.90%, 7/25/2049(k)		7,909		1,612
Series 2019-42, Class SK, IF, IO, 5.90%, 8/25/2049(k)		7,133		1,327
Series 2016-98, Class A, 4.00%, 6/25/2050		23,632		24,924
Series 2016-98, Class DA, 4.00%, 12/25/2051		32,894		35,629
Series 2017-46, Class LB, 3.50%, 12/25/2052		541		564
Series 2017-49, Class JD, 3.50%, 7/25/2053		1,910		1,976
Series 2017-49, Class JA, 4.00%, 7/25/2053		1,791		1,875
Series 2017-96, Class KA, 3.00%, 1/25/2055		643		685
FWDSecuritization Trust
Series 2019-INV1, Class A3, 3.11%, 6/25/2049(a)(k)		725		729
Series 2019-INV1, Class M1, 3.48%, 6/25/2049‡(a)(k)		500		492
GCAT LLC Series 2019-NQM1, Class M1, 3.85%, 2/25/2059‡(a)(k)		500		504
GCAT Trust
Series 2019-NQM2, Class A1, 2.86%, 9/25/2059(a)(h)		2,077		2,114
Series 2019-NQM2, Class A3, 3.16%, 9/25/2059(a)(h)		2,456		2,489
Series 2019-NQM2, Class B1, 4.01%, 9/25/2059‡(a)(k)		2,000		2,029
GNMA
Series 2013-180, Class VM, 3.00%, 8/16/2036		777		787
Series 2010-101, Class LE, 3.00%, 8/20/2039		49		49
Series 2010-166, Class SD, IF, IO, 5.87%, 12/20/2040(k)		1,062		248
Series 2012-39, Class MI, IO, 4.00%, 3/16/2042		470		79
Series 2015-123, Class SE, IF, IO, 5.57%, 9/20/2045(k)		8,751		1,453
Series 2016-108, Class SM, IF, IO, 5.95%, 8/20/2046(k)		1,298		298
Series 2016-146, Class NS, IF, IO, 5.95%, 10/20/2046(k)		1,649		392
Series 2017-80, Class AS, IF, IO, 6.05%, 5/20/2047(k)		1,523		334
Series 2017-93, Class SE, IF, IO, 6.05%, 6/20/2047(k)		1,634		306
Series 2017-163, Class PA, 3.00%, 7/20/2047		13,129		13,885
Series 2017-117, Class SB, IF, IO, 6.05%, 8/20/2047(k)		1,068		240
Series 2017-134, Class SD, IF, IO, 6.05%, 9/20/2047(k)		1,546		341
Series 2017-155, Class KS, IF, IO, 6.05%, 10/20/2047(k)		1,679		294
Series 2017-163, Class HS, IF, IO, 6.05%, 11/20/2047(k)		7,117		1,340
Series 2017-180, Class SD, IF, IO, 6.05%, 12/20/2047(k)		1,671		382
Series 2018-36, Class SG, IF, IO, 6.05%, 3/20/2048(k)		1,432		249
Series 2018-46, Class AS, IF, IO, 6.05%, 3/20/2048(k)		7,924		1,851
Series 2018-139, Class SB, IF, IO, 6.00%, 10/20/2048(k)		12,332		2,660
Series 2019-71, Class SK, IF, IO, 6.00%, 6/20/2049(k)		7,916		1,327
Series 2019-115, Class SW, IF, IO, 5.95%, 9/20/2049(k)		22,494		3,276
Series 2019-117, Class SA, IF, IO, 5.95%, 9/20/2049(k)		12,301		2,422
Homeward Opportunities Fund I Trust
Series 2019-1, Class A1, 3.45%, 1/25/2059(a)(k)		466		471
Series 2019-2, Class A1, 2.70%, 9/25/2059(a)(k)		1,109		1,123
LHOME Mortgage Trust Series 2019-RTL3, Class A1, 3.87%, 7/25/2024(a)		4,255		4,309
New Residential Mortgage Loan Trust
Series 2019-NQM1, Class A1, 3.67%, 1/25/2049(a)(k)		259		261
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059(a)(k)		7,752		7,957
Series 2019-NQM5, Class A3, 3.07%, 11/25/2059(a)(k)		3,458		3,494
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059‡(a)(k)		3,041		3,015
NYMT Loan Trust Series 2020-SP2, Class A1, 2.94%, 10/25/2060(a)(k)		2,864		2,863
OBX Trust
Series 2020-INV1, Class A11, 1.05%, 12/25/2049(a)(k)		3,501		3,504
Series 2019-EXP3, Class 2A1A, 1.05%, 10/25/2059(a)(k)		2,504		2,503
Series 2019-EXP3, Class 2A1B, 1.05%, 10/25/2059(a)(k)		2,160		2,165
Series 2020-EXP3, Class 2A1, 1.05%, 1/25/2060(a)(k)		3,533		3,533
PRPM Series 2019-GS1, Class A1, 3.50%, 10/25/2024(a)(k)		5,016		5,043
PRPM LLC
Series 2020-2, Class A1, 3.67%, 8/25/2025(a)(h)		1,354		1,365

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Series 2020-3, Class A1, 2.86%, 9/25/2025(a)(h)		11,953			11,962
Series 2020-5, Class A1, 3.10%, 11/25/2025(a)(h)		8,416			8,433
RALI Trust Series 2003-QS12, Class A4, 3.35%, 6/25/2018		—	(l)		—	(l)
Spruce Hill Mortgage Loan Trust
Series 2019-SH1, Class A1, 3.40%, 4/29/2049(a)(k)		384			390
Series 2019-SH1, Class A3, 3.65%, 4/29/2049(a)(k)		193			195
Starwood Mortgage Residential Trust
Series 2019-1, Class A1, 2.94%, 6/25/2049(a)(k)		1,095			1,111
Series 2019-1, Class A3, 3.30%, 6/25/2049(a)(k)		708			716
Series 2019-1, Class M1, 3.76%, 6/25/2049‡(a)(k)		1,000			1,012
Structured Asset Mortgage Investments II Trust Series 2006-AR6, Class 2A1, 0.34%, 7/25/2046(k)		1,387			1,105
Verus Securitization Trust
Series 2019-1, Class A1, 3.84%, 2/25/2059(a)(k)		223			225
Series 2019-2, Class A1, 3.21%, 5/25/2059(a)(k)		355			359
Series 2019-4, Class A1, 2.64%, 11/25/2059(a)(h)		3,325			3,401
Series 2019-4, Class M1, 3.21%, 11/25/2059‡(a)(k)		1,600			1,636
Series 2019-4, Class B1, 3.86%, 11/25/2059‡(a)(k)		600			593
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR5, Class A6, 3.62%, 5/25/2035(k)		129			131
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $402,821)					407,999
COMMERCIAL MORTGAGE-BACKED SECURITIES — 8.1%
Ashford Hospitality Trust Series 2018-KEYS, Class B, 1.59%, 6/15/2035‡(a)(k)		600			563
Barclays Commercial Mortgage Trust Series 2019-C5, Class XA, IO, 1.02%, 11/15/2052(k)		112,494			6,541
BHMS Series 2018-ATLS, Class A, 1.39%, 7/15/2035(a)(k)		500			484
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 1.84%, 11/15/2035‡(a)(k)		1,435			1,428
Series 2020-BXLP, Class C, 1.26%, 12/15/2036‡(a)(k)		5,230			5,197
Series 2020-BXLP, Class D, 1.39%, 12/15/2036‡(a)(k)		3,717			3,668
Series 2020-BXLP, Class F, 2.14%, 12/15/2036‡(a)(k)		7,503			7,334
BX Trust Series 2019-CALM, Class E, 2.14%, 11/15/2032‡(a)(k)		3,750			3,567
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E, 2.29%, 12/15/2037‡(a)(k)		200			197
CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class C, 1.19%, 7/15/2032‡(a)(k)		365			365
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.90%, 1/10/2036‡(a)(k)		400			412
Series 2019-PRM, Class C, 3.90%, 5/10/2036‡(a)		1,750			1,810
Series 2019-PRM, Class D, 4.35%, 5/10/2036‡(a)		2,144			2,201
Series 2019-PRM, Class E, 4.89%, 5/10/2036‡(a)(k)		1,000			1,020
Series 2015-P1, Class D, 3.23%, 9/15/2048‡(a)		2,000			1,588
Commercial Mortgage Trust
Series 2015-3BP, Class B, 3.35%, 2/10/2035‡(a)(k)		7,185			7,612
Series 2020-CBM, Class D, 3.75%, 2/10/2037‡(a)(k)		10,000			9,505
Series 2020-CBM, Class E, 3.75%, 2/10/2037‡(a)(k)		10,000			8,852
Series 2014-CR14, Class B, 4.77%, 2/10/2047‡(k)		4,523			4,920
Series 2014-UBS2, Class D, 5.16%, 3/10/2047‡(a)(k)		1,500			1,296
Series 2014-UBS3, Class B, 4.31%, 6/10/2047‡		2,000			2,149
Series 2014-CR19, Class D, 4.87%, 8/10/2047(a)(k)		3,291			3,027
Series 2014-CR20, Class D, 3.22%, 11/10/2047(a)		4,000			3,000
Series 2014-CR21, Class D, 4.07%, 12/10/2047‡(a)(k)		4,000			2,984
Series 2015-CR23, Class D, 4.43%, 5/10/2048‡(k)		2,000			1,773
Series 2015-LC21, Class D, 4.48%, 7/10/2048‡(k)		1,000			833
Series 2019-GC44, Class XA, IO, 0.77%, 8/15/2057(k)		66,756			2,862
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class B, 1.37%, 5/15/2036‡(a)(k)		1,200			1,199
DBUBS Mortgage Trust Series 2011-LC1A, Class C, 5.77%, 11/10/2046(a)(k)		245			245
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K018, Class X1, IO, 1.42%, 1/25/2022(k)		4,948			45

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series K027, Class X1, IO, 0.86%, 1/25/2023(k)		10,473		130
Series K034, Class X1, IO, 0.21%, 7/25/2023(k)		162,656		394
Series K033, Class X1, IO, 0.41%, 7/25/2023(k)		50,937		347
Series KC03, Class X1, IO, 0.63%, 11/25/2024(k)		58,466		982
Series KC06, Class X1, IO, 1.03%, 6/25/2026(k)		38,000		1,301
Series K734, Class X3, IO, 2.24%, 7/25/2026(k)		40,000		4,031
Series KC05, Class X1, IO, 1.34%, 6/25/2027(k)		28,947		1,648
Series K739, Class X1, IO, 1.29%, 9/25/2027(k)		67,055		4,887
Series K078, Class X1, IO, 0.23%, 6/25/2028(k)		49,801		445
Series K082, Class X3, IO, 2.29%, 10/25/2028(k)		8,700		1,230
Series K096, Class X3, IO, 2.11%, 7/25/2029(k)		48,000		6,794
Series K090, Class X3, IO, 2.39%, 10/25/2029(k)		32,598		5,295
Series K112, Class X1, IO, 1.54%, 5/25/2030(k)		24,994		2,891
Series K114, Class X1, IO, 1.21%, 6/25/2030(k)		66,476		6,074
Series K105, Class X3, IO, 2.04%, 6/25/2030(k)		40,058		5,871
Series K723, Class X3, IO, 1.98%, 10/25/2034(k)		7,410		359
Series K-1516, Class X1, IO, 1.63%, 5/25/2035(k)		34,972		5,829
Series Q012, Class X, IO, 4.24%, 9/25/2035(k)		14,955		3,945
Series K025, Class X3, IO, 1.81%, 11/25/2040(k)		3,360		96
Series K721, Class X3, IO, 1.34%, 11/25/2042(k)		6,071		134
Series K054, Class X3, IO, 1.65%, 4/25/2043(k)		3,700		269
Series K068, Class X3, IO, 2.13%, 10/25/2044(k)		3,368		397
Series K059, Class X3, IO, 1.98%, 11/25/2044(k)		5,700		552
Series K061, Class X3, IO, 2.04%, 12/25/2044(k)		2,775		284
Series K070, Class X3, IO, 2.11%, 12/25/2044(k)		16,537		1,987
Series K072, Class X3, IO, 2.21%, 12/25/2045(k)		1,200		152
Series K087, Class X3, IO, 2.39%, 1/25/2046(k)		14,050		2,140
Series K097, Class X3, IO, 2.09%, 9/25/2046(k)		20,477		2,917
Series K103, Class X3, IO, 1.91%, 12/25/2046(k)		44,892		5,984
Series K104, Class X3, IO, 1.96%, 2/25/2047(k)		25,300		3,560
Series K088, Class X3, IO, 2.42%, 2/25/2047(k)		10,500		1,688
Series K735, Class X3, IO, 2.23%, 5/25/2047(k)		40,532		4,163
Series K093, Class X3, IO, 2.28%, 5/25/2047(k)		50,000		7,596
Series K092, Class X3, IO, 2.32%, 5/25/2047(k)		39,434		6,173
Series K095, Class X3, IO, 2.17%, 8/25/2047(k)		25,000		3,674
Series K736, Class X3, IO, 2.08%, 9/25/2047(k)		50,000		4,925
Series K099, Class X3, IO, 2.02%, 10/25/2047(k)		13,745		1,903
Series K112, Class X3, IO, 3.10%, 7/25/2048(k)		8,600		1,959
Series K114, Class X3, IO, 2.83%, 8/25/2048(k)		10,750		2,222
FNMA ACES Series 2019-M21, Class X2, IO, 1.46%, 2/25/2031(k)		34,752		3,758
FNMA, Multifamily REMIC Trust Series 2020-M37, Class X, IO, 1.23%, 4/25/2032(k)		82,814		6,785
FREMF Series 2018-KF46, Class B, 2.09%, 3/25/2028(a)(k)		304		293
FREMF Mortgage Trust
Series 2017-K727, Class C, 3.87%, 7/25/2024(a)(k)		2,000		2,100
Series 2017-KF36, Class B, 2.79%, 8/25/2024(a)(k)		3,469		3,392
Series 2017-KF34, Class B, 2.84%, 8/25/2024(a)(k)		4,301		4,248
Series 2017-KF38, Class B, 2.64%, 9/25/2024(a)(k)		138		134
Series 2017-KF39, Class B, 2.64%, 11/25/2024(a)(k)		143		142
Series 2018-KF42, Class B, 2.34%, 12/25/2024(a)(k)		2,407		2,335
Series 2018-KF53, Class B, 2.19%, 10/25/2025(k)		1,017		964
Series 2019-KC03, Class B, 4.51%, 1/25/2026(a)(k)		5,000		5,154
Series 2019-KF60, Class B, 2.49%, 2/25/2026(a)(k)		3,520		3,463
Series 2019-KF62, Class B, 2.19%, 4/25/2026(a)(k)		913		865
Series 2019-KC06, Class B, 3.95%, 9/25/2026(a)(k)		7,600		7,371
Series 2018-KSW4, Class B, 2.59%, 10/25/2028(k)		7,243		6,745
Series 2011-K15, Class B, 5.13%, 8/25/2044(a)(k)		135		138
Series 2012-K17, Class B, 4.47%, 12/25/2044(a)(k)		280		289

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2012-K18, Class B, 4.37%, 1/25/2045(a)(k)		385		398
Series 2012-K19, Class B, 4.16%, 5/25/2045(a)(k)		300		311
Series 2012-K21, Class B, 4.07%, 7/25/2045(a)(k)		530		553
Series 2013-K26, Class B, 3.72%, 12/25/2045(a)(k)		6,500		6,818
Series 2011-K12, Class B, 4.51%, 1/25/2046(a)(k)		500		500
Series 2013-K31, Class C, 3.74%, 7/25/2046(a)(k)		3,000		3,149
Series 2013-K34, Class B, 3.86%, 9/25/2046(a)(k)		1,000		1,069
Series 2011-K14, Class B, 5.35%, 2/25/2047(a)(k)		1,100		1,115
Series 2014-K716, Class B, 4.08%, 8/25/2047(a)(k)		250		253
Series 2014-K40, Class C, 4.21%, 11/25/2047(a)(k)		2,000		2,180
Series 2011-K13, Class B, 4.77%, 1/25/2048(a)(k)		600		602
Series 2015-K49, Class B, 3.85%, 10/25/2048(a)(k)		5,282		5,736
Series 2015-K51, Class C, 4.09%, 10/25/2048(a)(k)		4,955		5,239
Series 2011-K11, Class B, 4.57%, 12/25/2048(a)(k)		132		132
Series 2017-K726, Class C, 4.13%, 7/25/2049(a)(k)		2,300		2,412
Series 2017-K729, Class B, 3.80%, 11/25/2049(a)(k)		200		215
Series 2017-K729, Class C, 3.80%, 11/25/2049(a)(k)		3,000		3,107
Series 2017-K62, Class C, 4.00%, 1/25/2050(a)(k)		5,081		5,371
Series 2018-K730, Class C, 3.92%, 2/25/2050(a)(k)		3,000		3,124
Series 2017-K728, Class B, 3.76%, 11/25/2050(a)(k)		1,825		1,957
GB Trust
Series 2020-FLIX, Class A, 1.26%, 8/15/2037(a)(k)		5,100		5,107
Series 2020-FLIX, Class B, 1.49%, 8/15/2037‡(a)(k)		1,520		1,525
Series 2020-FLIX, Class C, 1.74%, 8/15/2037‡(a)(k)		2,000		2,009
GNMA
Series 2015-115, IO, 0.50%, 7/16/2057(k)		2,253		75
Series 2017-54, IO, 0.59%, 12/16/2058(k)		13,836		700
Series 2017-23, IO, 0.69%, 5/16/2059(k)		2,646		128
GPMT Ltd. (Cayman Islands) Series 2018-FL1, Class A, 1.05%, 11/21/2035(a)(k)		51		51
GRACE Mortgage Trust Series 2014-GRCE, Class B, 3.52%, 6/10/2028‡(a)		4,100		4,108
GS Mortgage Securities Trust
Series 2013-GC12, Class E, 3.25%, 6/10/2046‡(a)		2,000		1,421
Series 2013-GC12, Class D, 4.59%, 6/10/2046‡(a)(k)		2,000		1,639
Series 2015-GC34, Class D, 2.98%, 10/10/2048		1,500		1,044
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class E, 4.36%, 1/15/2049‡(a)(k)		2,320		1,755
KNDL Mortgage Trust Series 2019-KNSQ, Class A, 0.94%, 5/15/2036(a)(k)		950		948
LB-UBS Commercial Mortgage Trust Series 2007-C6, Class AJ, 6.44%, 7/15/2040(k)		81		78
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C15, Class C, 5.07%, 4/15/2047(k)		300		317
Series 2014-C17, Class C, 4.64%, 8/15/2047(k)		5,411		5,532
Series 2014-C17, Class D, 4.88%, 8/15/2047(a)(k)		2,000		1,818
Series 2014-C18, Class B, 4.63%, 10/15/2047‡(k)		12,000		12,978
Series 2016-C31, Class B, 3.88%, 11/15/2049(k)		2,577		2,527
Series 2015-C23, Class D, 4.28%, 7/15/2050‡(a)(k)		2,000		1,798
Morgan Stanley Capital I Trust
Series 2018-SUN, Class B, 1.34%, 7/15/2035‡(a)(k)		250		240
Series 2011-C1, Class E, 5.80%, 9/15/2047‡(a)(k)		3,000		3,001
Series 2020-HR8, Class XA, IO, 1.97%, 7/15/2053(k)		21,284		3,106
MRCD MARK Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036(a)		6,960		7,275
Series 2019-PARK, Class B, 2.72%, 12/15/2036‡(a)		6,000		6,142
Series 2019-PARK, Class D, 2.72%, 12/15/2036‡(a)		10,000		9,930
Series 2019-PARK, Class E, 2.72%, 12/15/2036‡(a)		7,500		7,322
MSCG Trust Series 2018-SELF, Class A, 1.04%, 10/15/2037(a)(k)		9,800		9,800
Multifamily Connecticut Avenue Securities Trust Series 2019-01, Class M7, 1.85%, 10/15/2049‡(a)(k)		3,257		3,111
Nationslink Funding Corp. Commercial Loan Pass-Through Certificates Series 1999-LTL1, Class E, 5.00%, 1/22/2026‡(a)		232		234

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Velocity Commercial Capital Loan Trust Series 2018-2, Class A, 4.05%, 10/26/2048(a)(k)		2,499		2,544
WFRBS Commercial Mortgage Trust
Series 2013-C11, Class B, 3.71%, 3/15/2045‡(k)		150		156
Series 2013-C12, Class B, 3.86%, 3/15/2048(k)		150		157
Series 2014-C22, Class D, 4.05%, 9/15/2057‡(a)(k)		1,000		819
Series 2014-C22, Class B, 4.37%, 9/15/2057‡(k)		8,000		8,581
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $400,331)				392,298
FOREIGN GOVERNMENT SECURITIES — 1.2%
Arab Republic of Egypt (Egypt)
6.13%, 1/31/2022(c)		700		726
5.58%, 2/21/2023(c)		500		523
5.75%, 5/29/2024(a)		2,100		2,210
5.75%, 5/29/2024(c)		1,100		1,158
5.88%, 6/11/2025(c)		500		528
Dominican Republic Government Bond (Dominican Republic) 5.50%, 1/27/2025(c)		2,500		2,720
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024(c)		5,500		5,400
Federal Republic of Nigeria (Nigeria)
7.63%, 11/21/2025(c)		2,300		2,591
6.50%, 11/28/2027(c)		4,400		4,616
Hashemite Kingdom of Jordan (Jordan) 4.95%, 7/7/2025(a)		3,070		3,204
Islamic Republic of Pakistan (Pakistan) 8.25%, 4/15/2024(c)		300		323
Kingdom of Bahrain (Bahrain) 5.45%, 9/16/2032(a)		4,414		4,580
Lebanese Republic (Lebanon) 6.38%, 3/9/2020(i)		4,362		654
Republic of Belarus (Belarus) 6.88%, 2/28/2023(c)		2,300		2,371
Republic of Costa Rica (Costa Rica) 4.38%, 4/30/2025(c)		400		356
Republic of Ecuador (Ecuador)
Zero Coupon, 7/31/2030(a)		174		77
0.50%, 7/31/2030(a)(h)		614		389
0.50%, 7/31/2035(a)(h)		1,609		877
0.50%, 7/31/2040(a)(h)		738		363
Republic of El Salvador (El Salvador) 5.88%, 1/30/2025(c)		3,800		3,394
Republic of Ghana (Ghana) 6.38%, 2/11/2027(c)		3,600		3,615
Republic of Kenya (Kenya) 6.88%, 6/24/2024(c)		4,300		4,651
Republic of Paraguay (Paraguay) 4.95%, 4/28/2031(a)		960		1,139
Republic of Senegal (Senegal)
8.75%, 5/13/2021(c)		1,130		1,168
6.25%, 7/30/2024(c)		1,100		1,200
Ukraine Government Bond (Ukraine)
7.75%, 9/1/2023(c)		4,700		5,102
8.99%, 2/1/2024(c)		1,600		1,786
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $58,131)				55,721
LOAN ASSIGNMENTS — 0.2%(m)
Construction Materials — 0.0%(b)
AppleCaramel Buyer LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 10/19/2027(d)(n)		1,100		1,090
Containers & Packaging — 0.1%
Graham Packaging Co., Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 8/4/2027(d)(n)		1,250		1,248
Diversified Financial Services — 0.0%(b)
Nestle Skin Health SA, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 10/1/2026(d)(n)		1,075		1,073
Electrical Equipment — 0.0%(b)
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 3/2/2027(d)(n)		1,100		1,082
Machinery — 0.0%(b)
Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027(d)(n)		1,250		1,246
Media — 0.0%(b)
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 10/10/2025(d)(n)		1,250		1,228
Software — 0.1%
Ascend Learning LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024(d)(n)		1,100		1,097
Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 10/8/2027(d)(n)		1,100		1,095

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Informatica LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 2/25/2027(d)(n)		1,175		1,155
				3,347
TOTAL LOAN ASSIGNMENTS (Cost $10,323)				10,314
	Shares (000)
COMMON STOCKS — 0.0%(b)
Oil, Gas & Consumable Fuels — 0.0%(b)
Denbury, Inc.*		9		209
EP Energy Corp.*		2		39
Oasis Petroleum, Inc.*		17		568
Whiting Petroleum Corp.*		10		224
TOTAL COMMON STOCKS (Cost $1,097)				1,040
SHORT-TERM INVESTMENTS — 4.2%
INVESTMENT COMPANIES — 4.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.10%(o)(p)(Cost $197,626)		197,513		197,632
	Principal Amount ($000)
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills 0.10%, 1/7/2021(q)(r)(Cost $6,704)		6,704		6,704
TOTAL SHORT-TERM INVESTMENTS (Cost $204,330)				204,336
Total Investments — 98.9% (Cost $4,708,206)				4,777,069
Other Assets Less Liabilities — 1.1%				51,097
Net Assets — 100.0%				4,828,166

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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.
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	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.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2020.
(e)	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.
(f)	Security is an interest bearing note with preferred security characteristics.
(g)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(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)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(k)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2020.
(l)	Amount rounds to less than one thousand.
(m)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(n)	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.
(o)	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.
(p)	The rate shown is the current yield as of November 30, 2020.
(q)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(r)	The rate shown is the effective 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		998			03/2021		USD		220,409			59
U.S. Treasury 5 Year Note		1,628			03/2021		USD		205,128			(9	)
U.S. Treasury Long Bond		109			03/2021		USD		19,041			3
U.S. Treasury Ultra Bond		27			03/2021		USD		5,824			(55	)
												(2	)
Short Contracts
U.S. Treasury 10 Year Note		(969	)		03/2021		USD		(133,828	)		(9	)
U.S. Treasury 10 Year Ultra Note		(405	)		03/2021		USD		(63,591	)		(18	)
												(27	)
												(29	)

Abbreviations

USD United States Dollar

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Centrally Cleared Credit default swap contracts outstanding - sell protection^(a) 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.HY.35-V1

5.00

Quarterly

12/20/2025

3.04

USD 47,000

2,484

2,198

4,682

(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.

(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).

Abbreviations

CDX	Credit Default Swap Index
USD	United States Dollar

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 Short Duration Core Plus 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	$	—		$	484,906	$	28,814	$	513,720
Collateralized Mortgage Obligations		—			369,384		38,615		407,999
Commercial Mortgage-Backed Securities		—			255,059		137,239		392,298
Common Stocks
Oil, Gas & Consumable Fuels		1,001			39		—		1,040
Total Common Stocks		1,001			39		—		1,040
Corporate Bonds		—			2,083,276		—		2,083,276
Foreign Government Securities		—			55,721		—		55,721
Loan Assignments		—			10,314		—		10,314
Mortgage-Backed Securities		—			635,274		—		635,274
U.S. Treasury Obligations		—			473,091		—		473,091
Short-Term Investments
Investment Companies		197,632			—		—		197,632
U.S. Treasury Obligations		—			6,704		—		6,704
Total Short-Term Investments		197,632			6,704		—		204,336
Total Investments in Securities	$	198,633		$	4,373,768	$	204,668	$	4,777,069
Appreciation in Other Financial Instruments
Futures Contracts	$	62		$	—	$	—	$	62
Swaps		—			2,198		—		2,198
Total Appreciation in Other Financial Instruments	$	62		$	2,198	$	—	$	2,260
Depreciation in Other Financial Instruments
Futures Contracts	$	(91	)	$	—	$	—	$	(91	)

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

	Balance as of February 29, 2020		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2020
Investments in Securities:
Asset-Backed Securities	$	43,733	$	3		$	(106	)	$	(1	)	$	7,051	$	(10,286	)	$	1,524	$	(13,104	)	$	28,814
Collateralized Mortgage Obligations		24,529		—			(149	)		2			15,896		(4,917	)		3,254		—			38,615
Commercial Mortgage-Backed Securities		82,677		(821	)		(7,179	)		(11	)		32,202		(17,404	)		53,082		(5,307	)		137,239
Corporate Bonds — Wireless Telecommunication Services		486		2			(6	)		2			—		(484	)		—		—			—
Total	$	151,425	$	(816	)	$	(7,440	)	$	(8	)	$	55,149	$	(33,091	)	$	57,860	$	(18,411	)	$	204,668

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.

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 approximately $(7,360,000).

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended November 30, 2020.

Quantitative Information about Level 3 Fair Value Measurements
(Amounts in thousands)
	Fair Value at November 30, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)(a)
	$	28,814	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 25.00% (16.77%)
				Constan Default Rate	0.00% - 1.77% (0.03%)
				Yield (Discount Rate of Cash Flows)	0.85% - 8.63% (3.15%)
Asset-Backed Securities		28,814
		38,615	Discounted Cash Flow	Constant Prepayment Rate	10.00% - 25.00% (14.95%)
				Constan Default Rate	0.00% - 0.10% (0.00%)
				Yield (Discount Rate of Cash Flows)	1.57% - 5.56% (3.03%)
Collateralized Mortgage Obligation		38,615
		137,239	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (2.99%)
				Yield (Discount Rate of Cash Flows)	0.98% - 18.62% (3.92%)
Commercial Mortgage-Backed Securities		137,239
Total	$	204,668

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

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 IM Shares, 0.10%(a)(b)	$	88,599	$	2,237,615	$	2,128,490	$	(78	)	$	(14	)	$	197,632		197,513	$	444	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)		7,158		4,474		11,632		—			—			—		—		3		—
Total	$	95,757	$	2,242,089	$	2,140,122	$	(78	)	$	(14	)	$	197,632			$	447	$	—

(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 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.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

(2). Swaps — The Fund engaged in various swap transactions, including credit default swaps, to manage credit 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

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.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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.