JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited)

Investments		Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 35.6%
Aerospace & Defense — 0.8%
Boeing Co. (The)
4.88%, 5/1/2025			987		1,108
5.04%, 5/1/2027			1,136		1,309
5.71%, 5/1/2040			415		517
3.85%, 11/1/2048			375		366
3.95%, 8/1/2059			245		242
Bombardier, Inc. (Canada) 7.88%, 4/15/2027(a)			100		102
L3Harris Technologies, Inc. 4.85%, 4/27/2035			1,375		1,695
Leonardo SpA (Italy) 4.88%, 3/24/2025	EUR		150		210
Raytheon Technologies Corp.
3.50%, 3/15/2027			1,620		1,792
4.13%, 11/16/2028			840		958
Rolls-Royce plc (United Kingdom)
4.63%, 2/16/2026(b)	EUR		110		145
4.63%, 2/16/2026(a)	EUR		100		132
					8,576
Airlines — 0.2%
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024			1,917		2,027
Delta Air Lines, Inc. 4.50%, 10/20/2025(b)			110		119
International Consolidated Airlines Group SA (United Kingdom) 0.50%, 7/4/2023(a)	EUR		100		118
					2,264
Auto Components — 0.6%
Adient Global Holdings Ltd. 3.50%, 8/15/2024(a)	EUR		470		589
Adler Pelzer Holding GmbH (Germany) 4.13%, 4/1/2024(a)	EUR		110		129
Allison Transmission, Inc.
4.75%, 10/1/2027(b)			140		146
5.88%, 6/1/2029(b)			410		445
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025			60		62
6.50%, 4/1/2027			300		318
Dometic Group AB (Sweden) 3.00%, 9/13/2023(a)	EUR		200		256
Faurecia SE (France)
3.13%, 6/15/2026(a)	EUR		480		605
2.38%, 6/15/2027(a)	EUR		100		125
Goodyear Tire & Rubber Co. (The) 5.00%, 7/15/2029(b)			315		321
Grupo Antolin-Irausa SA (Spain) 3.25%, 4/30/2024(a)	EUR		220		268
IHO Verwaltungs GmbH (Germany) 3.88% (cash), 5/15/2027(a)(c)(d)	EUR		100		126
Schaeffler AG (Germany)
2.75%, 10/12/2025(a)	EUR		300		388
2.88%, 3/26/2027(a)	EUR		330		427
Valeo SA (France) 3.25%, 1/22/2024(a)	EUR		500		657
ZF Europe Finance BV (Germany)
2.00%, 2/23/2026(a)	EUR		300		367
2.50%, 10/23/2027(a)	EUR		300		372
ZF Finance GmbH (Germany) 3.75%, 9/21/2028(a)	EUR		200		265
ZF North America Capital, Inc. (Germany) 2.75%, 4/27/2023(a)	EUR		100		127
					5,993
Automobiles — 0.6%
General Motors Co. 6.13%, 10/1/2025			122		145
Hyundai Capital America
1.30%, 1/8/2026(b)			430		426
3.50%, 11/2/2026(b)			2,180		2,365
Jaguar Land Rover Automotive plc (United Kingdom)
5.88%, 11/15/2024(a)	EUR		300		397
4.50%, 1/15/2026(a)	EUR		150		191
Renault SA (France)
1.25%, 6/24/2025(a)	EUR		200		238
2.00%, 9/28/2026(a)	EUR		200		239
Stellantis NV 3.88%, 1/5/2026(a)	EUR		160		224
Volkswagen Group of America Finance LLC (Germany) 3.75%, 5/13/2030(b)			1,220		1,344
Volvo Car AB (Sweden) 2.00%, 1/24/2025(a)	EUR		300		381
					5,950
Banks — 6.4%
ABN AMRO Bank NV (Netherlands) (EUR Swap Annual 5 Year + 4.67%), 4.37%, 9/22/2025(a)(e)(f)(g)	EUR		800		1,045
Banco Bilbao Vizcaya Argentaria SA (Spain) (EUR Swap Annual 5 Year + 6.04%), 6.00%, 3/29/2024(a)(e)(f)(g)	EUR		400		531
Banco de Sabadell SA (Spain) 1.13%, 3/27/2025(a)	EUR		300		372
Bank of America Corp.
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024(e)(f)(g)			1,343		1,492
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024(e)(f)(g)			343		388

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027(f)			3,345		3,679
3.25%, 10/21/2027			2,310		2,513
(SOFR + 1.32%), 2.69%, 4/22/2032(f)			1,180		1,196
(SOFR + 1.93%), 2.68%, 6/19/2041(f)			740		699
Citigroup, Inc.
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024(e)(f)(g)			298		320
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025(e)(f)(g)			812		834
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(e)(f)(g)			428		470
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025(e)(f)(g)			550		561
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026(e)(f)(g)			2,041		2,056
(SOFR + 2.84%), 3.11%, 4/8/2026(f)			880		944
3.20%, 10/21/2026			2,055		2,234
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028(f)			1,225		1,367
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028(f)			830		912
(SOFR + 3.91%), 4.41%, 3/31/2031(f)			2,260		2,600
Cooperatieve Rabobank UA (Netherlands) (EUR Swap Annual 5 Year + 4.68%), 4.37%, 6/29/2027(a)(e)(f)(g)	EUR		800		1,072
Credit Agricole SA (France)
3.25%, 10/4/2024(b)			385		415
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(b)(e)(f)(g)			2,290		2,776
(EURIBOR 3 Month + 1.25%), 1.00%, 4/22/2026(a)(f)	EUR		1,600		2,010
(SOFR + 0.89%), 1.25%, 1/26/2027(b)(f)			302		298
HSBC Holdings plc (United Kingdom)
(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025(e)(f)(g)			1,400		1,549
(SOFR + 1.73%), 2.01%, 9/22/2028(f)			2,575		2,578
Intesa Sanpaolo SpA (Italy)
(EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027(a)(e)(f)(g)	EUR		800		1,177
4.20%, 6/1/2032(b)			200		203
KBC Group NV (Belgium) (EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024(a)(e)(f)(g)	EUR		400		521
Lloyds Bank plc (United Kingdom)
0.25%, 3/25/2024(a)	EUR		2,140		2,653
0.13%, 6/18/2026(a)	EUR		2,150		2,662
Lloyds Banking Group plc (United Kingdom) (EURIBOR ICE Swap Rate 5 Year + 5.29%), 4.95%, 6/27/2025(a)(e)(f)(g)	EUR		600		801
Natwest Group plc (United Kingdom)
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021(e)(f)(g)			500		505
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(f)			1,578		1,624
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025(f)			360		393
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.99%), 5.13%, 5/12/2027(e)(f)(g)	GBP		2,246		3,394
Santander UK plc (United Kingdom) 0.50%, 1/10/2025(a)	EUR		2,100		2,632
Societe Generale SA (France) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.93%), 4.75%, 5/26/2026(b)(e)(f)(g)			323		331
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030(b)(e)(f)(g)			1,881		1,963

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031(b)(f)			1,210		1,396
Sumitomo Mitsui Banking Corp. (Japan) 0.55%, 11/6/2023(a)	EUR		2,120		2,637
Sumitomo Mitsui Financial Group, Inc. (Japan) 1.47%, 7/8/2025			790		802
Truist Financial Corp. Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030(e)(f)(g)			930		1,039
UniCredit SpA (Italy)
(EURIBOR ICE Swap Rate 5 Year + 4.08%), 3.87%, 6/3/2027(a)(e)(f)(g)	EUR		1,000		1,140
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032(b)(f)			680		678
United Overseas Bank Ltd. (Singapore) 0.50%, 1/16/2025(a)	EUR		443		556
Wells Fargo & Co.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026(e)(f)(g)			1,420		1,456
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027(f)			940		1,022
(SOFR + 1.26%), 2.57%, 2/11/2031(f)			2,435		2,489
4.75%, 12/7/2046			300		365
Westpac Banking Corp. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034(f)			360		391
					67,741
Beverages — 0.5%
Anheuser-Busch Cos. LLC (Belgium) 4.90%, 2/1/2046			655		785
Anheuser-Busch InBev SA/NV (Belgium) 1.50%, 4/18/2030(a)	EUR		700		921
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.75%, 1/23/2029			1,269		1,496
4.44%, 10/6/2048			1,251		1,421
Diageo Capital plc (United Kingdom) 2.00%, 4/29/2030			460		454
Sunshine Mid BV (Netherlands) 6.50%, 5/15/2026(a)	EUR		230		290
					5,367
Biotechnology — 1.0%
AbbVie, Inc.
3.60%, 5/14/2025			1,260		1,377
2.95%, 11/21/2026			1,010		1,084
3.20%, 11/21/2029			1,199		1,286
4.70%, 5/14/2045			417		502
4.45%, 5/14/2046			260		304
4.25%, 11/21/2049			350		403
Biogen, Inc. 2.25%, 5/1/2030			1,580		1,558
Gilead Sciences, Inc.
1.65%, 10/1/2030			570		540
2.60%, 10/1/2040			980		916
2.80%, 10/1/2050			2,205		1,995
Grifols SA (Spain)
1.63%, 2/15/2025(a)	EUR		100		123
2.25%, 11/15/2027(a)	EUR		410		507
Regeneron Pharmaceuticals, Inc. 2.80%, 9/15/2050			660		576
					11,171
Building Products — 0.1%
Griffon Corp. 5.75%, 3/1/2028			140		148
JELD-WEN, Inc. 6.25%, 5/15/2025(b)			175		187
Standard Industries, Inc.
2.25%, 11/21/2026(a)	EUR		250		300
4.75%, 1/15/2028(b)			140		146
					781
Capital Markets — 3.4%
Bank of New York Mellon Corp. (The) Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.36%), 4.70%, 9/20/2025(e)(f)(g)			337		367
Charles Schwab Corp. (The)
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026(e)(f)(g)			1,280		1,331
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030(e)(f)(g)			1,030		1,035
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023(b)(e)(f)(g)			2,930		3,242

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%, 8/21/2026(b)(e)(f)(g)			480		524
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027(b)(e)(f)(g)			780		814
4.28%, 1/9/2028(b)			2,840		3,159
(SOFR + 1.73%), 3.09%, 5/14/2032(b)(f)			1,505		1,527
Deutsche Bank AG (Germany) (SOFR + 2.16%), 2.22%, 9/18/2024(f)			1,165		1,198
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 1.60%), 1.73%, 11/29/2023(f)			3,275		3,381
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026(e)(f)(g)			1,488		1,490
3.85%, 1/26/2027			2,329		2,582
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(f)			40		44
(SOFR + 1.28%), 2.62%, 4/22/2032(f)			410		413
Huarong Finance 2017 Co. Ltd. (China) 4.25%, 11/7/2027(a)			880		581
Morgan Stanley
3.63%, 1/20/2027			2,000		2,228
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028(f)			2,210		2,444
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029(f)			530		589
(SOFR + 1.14%), 2.70%, 1/22/2031(f)			1,560		1,610
UBS AG (Switzerland) 5.13%, 5/15/2024(a)			2,615		2,886
UBS Group AG (Switzerland)
(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022(a)(e)(f)(g)	EUR		1,200		1,515
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(a)(e)(f)(g)			1,600		1,842
(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025(a)(e)(f)(g)			830		942
					35,744
Chemicals — 0.5%
Ashland Services BV 2.00%, 1/30/2028(a)	EUR		100		121
CeramTec BondCo GmbH (Germany) 5.25%, 12/15/2025(a)	EUR		110		136
CF Industries, Inc. 4.50%, 12/1/2026(b)			835		960
Chemours Co. (The) 4.00%, 5/15/2026	EUR		100		125
Element Solutions, Inc. 3.88%, 9/1/2028(b)			276		277
Herens Midco SARL (Luxembourg) 5.25%, 5/15/2029(b)	EUR		138		166
INEOS Finance plc (Luxembourg)
2.13%, 11/15/2025(a)	EUR		300		364
2.88%, 5/1/2026(a)	EUR		200		248
INEOS Quattro Finance 2 plc (United Kingdom) 2.50%, 1/15/2026(a)	EUR		200		245
INEOS Styrolution Group GmbH (United Kingdom) 2.25%, 1/16/2027(a)	EUR		100		119
K+S AG (Germany) 4.13%, 12/6/2021(a)	EUR		190		236
Monitchem HoldCo 3 SA (Luxembourg) 5.25%, 3/15/2025(a)	EUR		180		226
Nouryon Holding BV (Netherlands) 6.50%, 10/1/2026(a)	EUR		200		255
NOVA Chemicals Corp. (Canada) 5.25%, 6/1/2027(b)			13		14
OCI NV (Netherlands) 3.13%, 11/1/2024(a)	EUR		210		262
OCP SA (Morocco) 6.88%, 4/25/2044(a)			390		476
Rain CII Carbon LLC 7.25%, 4/1/2025(b)			154		158
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029			565		588
Solvay Finance SACA (Belgium) (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023(a)(e)(f)(g)	EUR		100		134
Solvay SA (Belgium) (EUR Swap Annual 5 Year + 2.98%), 2.50%, 12/2/2025(e)(f)(g)	EUR		500		625
Synthomer plc (United Kingdom) 3.88%, 7/1/2025(a)	EUR		100		128

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Trinseo Materials Operating SCA 5.38%, 9/1/2025(b)			50		51
					5,914
Commercial Services & Supplies — 0.3%
ACCO Brands Corp. 4.25%, 3/15/2029(b)			415		409
Brink’s Co. (The) 4.63%, 10/15/2027(b)			275		282
Elis SA (France) 2.88%, 2/15/2026(a)	EUR		500		648
GFL Environmental, Inc. (Canada) 4.00%, 8/1/2028(b)			200		193
Q-Park Holding I BV (Netherlands) 1.50%, 3/1/2025(a)	EUR		100		118
SPIE SA (France) 2.63%, 6/18/2026(a)	EUR		400		505
Techem Verwaltungsgesellschaft 674 mbH (Germany) 6.00%, 7/30/2026(a)	EUR		280		353
Techem Verwaltungsgesellschaft 675 mbH (Germany) 2.00%, 7/15/2025(a)	EUR		200		241
Verisure Holding AB (Sweden) 3.88%, 7/15/2026(a)	EUR		300		375
Verisure Midholding AB (Sweden) 5.25%, 2/15/2029(b)	EUR		119		149
					3,273
Communications Equipment — 0.0%(h)
CommScope, Inc.
6.00%, 3/1/2026(b)			110		116
8.25%, 3/1/2027(b)			30		32
					148
Construction Materials — 0.1%
Cemex SAB de CV (Mexico) 3.88%, 7/11/2031(b)			808		809
Consumer Finance — 0.8%
AerCap Ireland Capital DAC (Ireland) 1.75%, 1/30/2026			1,030		1,014
Avolon Holdings Funding Ltd. (Ireland)
3.95%, 7/1/2024(b)			995		1,060
2.13%, 2/21/2026(b)			100		99
4.25%, 4/15/2026(b)			680		731
4.38%, 5/1/2026(b)			460		496
FCE Bank plc (United Kingdom) 1.13%, 2/10/2022(a)	EUR		100		122
Ford Motor Credit Co. LLC
3.02%, 3/6/2024	EUR		310		393
2.75%, 6/14/2024	GBP		100		143
4.06%, 11/1/2024			400		423
3.25%, 9/15/2025	EUR		100		130
2.33%, 11/25/2025	EUR		400		499
4.39%, 1/8/2026			920		980
General Motors Financial Co., Inc.
3.95%, 4/13/2024			231		250
2.75%, 6/20/2025			224		237
OneMain Finance Corp. 4.00%, 9/15/2030			20		19
Volkswagen International Finance NV (Germany)
(EUR Swap Annual 10 Year + 3.35%), 5.12%, 9/4/2023(a)(e)(f)(g)	EUR		262		349
(EUR Swap Annual 5 Year + 3.75%), 3.50%, 6/17/2025(a)(e)(f)(g)	EUR		500		656
(EUR Swap Annual 12 Year + 2.97%), 4.62%, 3/24/2026(a)(e)(f)(g)	EUR		1,000		1,380
(EUR Swap Annual 10 Year + 3.98%), 4.62%, 6/27/2028(a)(e)(f)(g)	EUR		100		141
					9,122
Containers & Packaging — 0.4%
ARD Finance SA (Luxembourg) 5.00% (cash), 6/30/2027(a)(c)(d)	EUR		100		125
Ardagh Packaging Finance plc
2.13%, 8/15/2026(a)	EUR		380		462
5.25%, 8/15/2027(b)			495		499
Ball Corp.
0.88%, 3/15/2024	EUR		300		368
1.50%, 3/15/2027	EUR		180		223
Berry Global, Inc. 1.00%, 1/15/2025(a)	EUR		300		369
Crown European Holdings SA 3.38%, 5/15/2025(a)	EUR		440		577
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024(b)			120		121
OI European Group BV 3.13%, 11/15/2024(a)	EUR		180		227
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027(b)			200		217
Pro-Gest SpA (Italy) 3.25%, 12/15/2024(a)	EUR		150		174
Reynolds Group Issuer, Inc. 4.00%, 10/15/2027(b)			195		192
Silgan Holdings, Inc. 3.25%, 3/15/2025	EUR		180		221
Smurfit Kappa Treasury ULC (Ireland) 1.50%, 9/15/2027(a)	EUR		250		320
Trivium Packaging Finance BV (Netherlands) 3.75%, 8/15/2026(a)(i)	EUR		300		373
					4,468
Distributors — 0.0%(h)
Parts Europe SA (France) 6.50%, 7/16/2025(a)	EUR		100		129
Diversified Consumer Services — 0.0%(h)
Service Corp. International 3.38%, 8/15/2030			90		87

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Diversified Financial Services — 0.4%
EDP Finance BV (Portugal) 3.63%, 7/15/2024(b)			1,335		1,441
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035			2,410		2,801
Motion Finco SARL (United Kingdom) 7.00%, 5/15/2025(a)	EUR		150		193
Sabre GLBL, Inc. 7.38%, 9/1/2025(b)			60		65
					4,500
Diversified Telecommunication Services — 2.2%
Altice France Holding SA (Luxembourg)
8.00%, 5/15/2027(a)	EUR		221		293
4.00%, 2/15/2028(a)	EUR		300		354
Altice France SA (France)
2.13%, 2/15/2025(a)	EUR		400		476
3.38%, 1/15/2028(a)	EUR		100		120
CCO Holdings LLC
5.13%, 5/1/2027(b)			2,600		2,718
5.38%, 6/1/2029(b)			165		179
4.75%, 3/1/2030(b)			170		176
4.25%, 2/1/2031(b)			1,435		1,432
Cellnex Telecom SA (Spain)
2.88%, 4/18/2025(a)	EUR		300		396
1.88%, 6/26/2029	EUR		100		123
DKT Finance ApS (Denmark) 7.00%, 6/17/2023(a)	EUR		150		186
eircom Finance DAC (Ireland)
3.50%, 5/15/2026(a)	EUR		250		312
2.63%, 2/15/2027(a)	EUR		200		241
Infrastrutture Wireless Italiane SpA (Italy) 1.88%, 7/8/2026(a)	EUR		300		382
Level 3 Financing, Inc. 4.25%, 7/1/2028(b)			110		110
Lorca Telecom Bondco SA (Spain)
4.00%, 9/18/2027(b)	EUR		100		123
4.00%, 9/18/2027(a)	EUR		100		124
Lumen Technologies, Inc. 5.13%, 12/15/2026(b)			1,025		1,062
Orange SA (France)
(EUR Swap Annual 5 Year + 2.36%), 2.38%, 1/15/2025(a)(e)(f)(g)	EUR		500		638
(EURIBOR ICE Swap Rate 5 Year + 2.18%), 1.75%, 12/19/2026(a)(e)(f)(g)	EUR		300		373
Sprint Capital Corp.
6.88%, 11/15/2028			1,195		1,495
8.75%, 3/15/2032			80		119
Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034			530		586
Telecom Italia Finance SA (Italy) 7.75%, 1/24/2033	EUR		190		339
Telecom Italia SpA (Italy)
3.63%, 1/19/2024(a)	EUR		100		131
2.88%, 1/28/2026(a)	EUR		700		903
3.63%, 5/25/2026(a)	EUR		100		135
2.38%, 10/12/2027(a)	EUR		280		353
Telefonica Emisiones SA (Spain) 5.21%, 3/8/2047			700		840
Verizon Communications, Inc.
4.33%, 9/21/2028			2,135		2,454
1.75%, 1/20/2031			1,320		1,241
2.55%, 3/21/2031			2,805		2,821
2.65%, 11/20/2040			250		230
3.40%, 3/22/2041			1,260		1,281
2.88%, 11/20/2050			300		270
3.55%, 3/22/2051			290		294
Virgin Media Finance plc (United Kingdom) 3.75%, 7/15/2030(a)	EUR		110		134
					23,444
Electric Utilities — 2.5%
ContourGlobal Power Holdings SA (Spain) 4.13%, 8/1/2025(a)	EUR		100		125
Edison International 3.55%, 11/15/2024			770		827
EDP - Energias de Portugal SA (Portugal)
1.63%, 4/15/2027(a)	EUR		700		917
(EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080(a)(f)	EUR		1,000		1,218
Electricite de France SA (France)
(EUR Swap Annual 6 Year + 3.44%), 4.00%, 7/4/2024(a)(e)(f)(g)	EUR		300		389
(EUR Swap Annual 12 Year + 3.04%), 5.00%, 1/22/2026(a)(e)(f)(g)	EUR		300		409
Emera US Finance LP (Canada) 2.64%, 6/15/2031(b)			940		934
Emera, Inc. (Canada) Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076(f)			2,251		2,590
Enel Finance International NV (Italy)
3.63%, 5/25/2027(b)			900		989
3.50%, 4/6/2028(b)			1,135		1,228
Enel SpA (Italy) (EUR Swap Annual 5 Year + 2.10%), 2.50%, 8/24/2023(a)(e)(f)(g)	EUR		586		746
Evergy, Inc. 2.90%, 9/15/2029			443		458

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Iberdrola International BV (Spain)
(EUR Swap Annual 5 Year + 2.06%), 2.62%, 3/26/2024(a)(e)(f)(g)	EUR		1,900		2,447
(EUR Swap Annual 5 Year + 2.97%), 3.25%, 11/12/2024(a)(e)(f)(g)	EUR		700		927
ITC Holdings Corp. 2.95%, 5/14/2030(b)			1,990		2,070
MidAmerican Energy Co. 4.25%, 5/1/2046			350		417
Naturgy Finance BV (Spain) (EUR Swap Annual 8 Year + 3.35%), 4.12%, 11/18/2022(a)(e)(f)(g)	EUR		400		512
NextEra Energy Capital Holdings, Inc. 2.25%, 6/1/2030			252		251
NRG Energy, Inc. 3.75%, 6/15/2024(b)			990		1,058
Pacific Gas and Electric Co.
2.95%, 3/1/2026			360		369
4.55%, 7/1/2030			1,745		1,835
4.60%, 6/15/2043			379		370
4.00%, 12/1/2046			485		435
4.95%, 7/1/2050			359		363
PacifiCorp
2.70%, 9/15/2030			730		756
3.30%, 3/15/2051			493		503
Southern California Edison Co.
Series 13-A, 3.90%, 3/15/2043			214		219
Series C, 4.13%, 3/1/2048			285		295
3.65%, 2/1/2050			484		475
Texas Competitive Electric Holdings Co. LLC 8.50%, 10/1/2021‡(j)			2,500		4
Vistra Operations Co. LLC 3.70%, 1/30/2027(b)			1,730		1,819
Xcel Energy, Inc.
3.40%, 6/1/2030			250		271
3.50%, 12/1/2049			299		309
					26,535
Electrical Equipment — 0.1%
Energizer Gamma Acquisition BV 4.63%, 7/15/2026(a)	EUR		100		125
Orano SA (France)
3.13%, 3/20/2023(a)	EUR		100		127
3.38%, 4/23/2026(a)	EUR		300		396
					648
Electronic Equipment, Instruments & Components — 0.1%
Belden, Inc. 3.88%, 3/15/2028(a)	EUR		180		228
Sensata Technologies, Inc. 3.75%, 2/15/2031(b)			680		664
					892
Energy Equipment & Services — 0.1%
Guara Norte SARL (Brazil) 5.20%, 6/15/2034(b)			650		656
Saipem Finance International BV (Italy) 2.63%, 1/7/2025(a)	EUR		100		125
					781
Entertainment — 0.5%
Banijay Entertainment SASU (France) 3.50%, 3/1/2025(a)	EUR		280		344
Live Nation Entertainment, Inc.
6.50%, 5/15/2027(b)			110		121
4.75%, 10/15/2027(b)			230		235
Netflix, Inc.
3.00%, 6/15/2025(a)	EUR		500		662
4.88%, 4/15/2028			1,125		1,293
3.88%, 11/15/2029(a)	EUR		300		437
5.38%, 11/15/2029(b)			354		419
3.63%, 6/15/2030(a)	EUR		300		433
4.88%, 6/15/2030(b)			615		709
WMG Acquisition Corp.
3.63%, 10/15/2026(a)	EUR		160		201
3.00%, 2/15/2031(b)			140		132
					4,986
Equity Real Estate Investment Trusts (REITs) — 0.5%
Alexandria Real Estate Equities, Inc. 1.88%, 2/1/2033			300		277
American Tower Corp.
3.60%, 1/15/2028			1,695		1,850
2.10%, 6/15/2030			1,605		1,552
Crown Castle International Corp.
3.30%, 7/1/2030			75		80
4.15%, 7/1/2050			110		119
Healthcare Trust of America Holdings LP 2.00%, 3/15/2031			670		634
MGM Growth Properties Operating Partnership LP 4.50%, 1/15/2028			90		94
RHP Hotel Properties LP 4.50%, 2/15/2029(b)			100		100
SBA Communications Corp. 3.13%, 2/1/2029(b)			100		96
VICI Properties LP 3.75%, 2/15/2027(b)			90		91
WP Carey, Inc. 2.40%, 2/1/2031			180		175
					5,068
Food & Staples Retailing — 0.3%
Albertsons Cos., Inc. 4.63%, 1/15/2027(b)			300		311
Casino Guichard Perrachon SA (France)
4.56%, 1/25/2023(a)(i)	EUR		100		127
4.50%, 3/7/2024(a)(i)	EUR		300		373

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Iceland Bondco plc (United Kingdom) 4.63%, 3/15/2025(a)	GBP		400		558
Kroger Co. (The) 3.88%, 10/15/2046			630		663
Picard Bondco SA (France) 5.50%, 11/30/2024(a)	EUR		100		125
Quatrim SASU (France) 5.88%, 1/15/2024(a)	EUR		100		127
Rite Aid Corp.
7.50%, 7/1/2025(b)			343		355
8.00%, 11/15/2026(b)			336		349
Sysco Corp. 3.30%, 2/15/2050			520		506
					3,494
Food Products — 0.2%
Bimbo Bakeries USA, Inc. (Mexico) 4.00%, 5/17/2051(b)			290		299
Darling Global Finance BV 3.63%, 5/15/2026(a)	EUR		130		161
Grupo Bimbo SAB de CV (Mexico) 4.00%, 9/6/2049(b)			368		378
Kraft Heinz Foods Co. 2.25%, 5/25/2028(a)	EUR		100		132
Lamb Weston Holdings, Inc. 4.88%, 5/15/2028(b)			80		88
Post Holdings, Inc.
5.63%, 1/15/2028(b)			300		318
5.50%, 12/15/2029(b)			185		198
Sigma Holdco BV (Netherlands) 5.75%, 5/15/2026(a)	EUR		400		468
Tereos Finance Groupe I SA (France) 4.13%, 6/16/2023(a)	EUR		100		123
					2,165
Gas Utilities — 0.0%(h)
NorteGas Energia Distribucion SA (Spain) 2.07%, 9/28/2027(a)	EUR		102		134
Health Care Equipment & Supplies — 0.2%
Avantor Funding, Inc.
2.63%, 11/1/2025(a)	EUR		300		376
3.88%, 7/15/2028(a)	EUR		100		128
Becton Dickinson and Co.
2.82%, 5/20/2030			665		688
3.79%, 5/20/2050			910		974
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027(b)			370		383
Hologic, Inc. 3.25%, 2/15/2029(b)			120		117
					2,666
Health Care Providers & Services — 0.9%
Centene Corp. 4.25%, 12/15/2027			170		179
Cigna Corp. 3.40%, 3/15/2050			1,575		1,569
Community Health Systems, Inc.
8.00%, 3/15/2026(b)			65		70
4.75%, 2/15/2031(b)			150		147
CVS Health Corp.
3.25%, 8/15/2029			629		676
4.13%, 4/1/2040			625		696
2.70%, 8/21/2040			690		644
Encompass Health Corp.
4.50%, 2/1/2028			385		398
4.75%, 2/1/2030			48		50
4.63%, 4/1/2031			107		113
HCA, Inc.
5.38%, 9/1/2026			185		209
4.50%, 2/15/2027			1,320		1,497
5.63%, 9/1/2028			1,240		1,442
3.50%, 9/1/2030			90		92
5.25%, 6/15/2049			155		191
Kedrion SpA (Italy) 3.38%, 5/15/2026(b)	EUR		106		129
Molina Healthcare, Inc. 3.88%, 11/15/2030(b)			200		204
Tenet Healthcare Corp.
4.63%, 7/15/2024			120		122
5.13%, 5/1/2025			785		795
4.88%, 1/1/2026(b)			110		114
5.13%, 11/1/2027(b)			220		230
					9,567
Health Care Technology — 0.1%
IQVIA, Inc.
1.75%, 3/15/2026(a)	EUR		300		369
5.00%, 10/15/2026(b)			545		565
2.25%, 1/15/2028(a)	EUR		200		245
					1,179
Hotels, Restaurants & Leisure — 0.6%
1011778 BC ULC (Canada) 4.00%, 10/15/2030(b)			395		383
Accor SA (France)
2.50%, 1/25/2024(a)(i)	EUR		200		255
3.00%, 2/4/2026(a)(i)	EUR		100		129
Boyne USA, Inc. 4.75%, 5/15/2029(b)			360		372
Burger King France SAS (France) 6.00%, 5/1/2024(a)	EUR		100		124
Carnival Corp.
1.88%, 11/7/2022	EUR		110		132
10.13%, 2/1/2026(a)	EUR		300		427
Cirsa Finance International SARL (Spain) 6.25%, 12/20/2023(a)	EUR		220		272
CPUK Finance Ltd. (United Kingdom) 4.88%, 8/28/2025(a)	GBP		200		288
eDreams ODIGEO SA (Spain) 5.50%, 9/1/2023(a)	EUR		100		121
Gohl Capital Ltd. (Malaysia) 4.25%, 1/24/2027(a)			970		1,019
International Game Technology plc
3.50%, 6/15/2026(a)	EUR		150		189
2.38%, 4/15/2028(a)	EUR		160		191

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Marriott Ownership Resorts, Inc. 6.13%, 9/15/2025(b)			80		85
MGM Resorts International 5.50%, 4/15/2027			60		65
Pinnacle Bidco plc (United Kingdom) 5.50%, 2/15/2025(a)	EUR		200		247
Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025(b)			80		93
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025(b)			90		97
Starbucks Corp. 2.55%, 11/15/2030			2,040		2,065
Vail Resorts, Inc. 6.25%, 5/15/2025(b)			140		149
Wynn Resorts Finance LLC 5.13%, 10/1/2029(b)			250		259
					6,962
Household Durables — 0.0%(h)
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025(b)			220		235
Newell Brands, Inc. 6.00%, 4/1/2046(i)			80		101
Tempur Sealy International, Inc. 5.50%, 6/15/2026			110		113
					449
Household Products — 0.2%
Central Garden & Pet Co. 5.13%, 2/1/2028			80		84
Clorox Co. (The) 1.80%, 5/15/2030			165		160
Energizer Holdings, Inc.
4.75%, 6/15/2028(b)			620		630
4.38%, 3/31/2029(b)			40		39
Spectrum Brands, Inc.
4.00%, 10/1/2026(a)	EUR		100		125
5.50%, 7/15/2030(b)			754		808
					1,846
Independent Power and Renewable Electricity Producers — 0.4%
AES Corp. (The)
3.30%, 7/15/2025(b)			497		530
3.95%, 7/15/2030(b)			1,135		1,225
2.45%, 1/15/2031(b)			1,589		1,541
Alexander Funding Trust 1.84%, 11/15/2023(b)			380		386
Calpine Corp. 5.25%, 6/1/2026(b)			202		208
					3,890
Industrial Conglomerates — 0.1%
General Electric Co.
5.25%, 12/7/2028	GBP		300		528
4.13%, 10/9/2042			670		743
					1,271
Insurance — 0.2%
MetLife, Inc. 6.40%, 12/15/2036			1,340		1,710
Swiss Re Finance Luxembourg SA (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049(b)(f)			200		226
					1,936
Interactive Media & Services — 0.0%(h)
TripAdvisor, Inc. 7.00%, 7/15/2025(b)			203		218
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc. 2.70%, 6/3/2060			350		312
ANGI Group LLC 3.88%, 8/15/2028(b)			280		275
Go Daddy Operating Co. LLC 5.25%, 12/1/2027(b)			340		355
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(b)			280		306
					1,248
IT Services — 0.3%
Black Knight InfoServ LLC 3.63%, 9/1/2028(b)			495		487
Cogent Communications Group, Inc. 4.38%, 6/30/2024(a)	EUR		120		149
Fiserv, Inc. 1.63%, 7/1/2030	EUR		1,700		2,214
Gartner, Inc.
4.50%, 7/1/2028(b)			100		105
3.75%, 10/1/2030(b)			445		447
Presidio Holdings, Inc. 4.88%, 2/1/2027(b)			201		207
					3,609
Leisure Products — 0.0%(h)
Mattel, Inc.
6.75%, 12/31/2025(b)			56		59
3.75%, 4/1/2029(b)			205		210
					269
Life Sciences Tools & Services — 0.0%(h)
Thermo Fisher Scientific, Inc. 1.50%, 10/1/2039	EUR		200		243
Machinery — 0.1%
Deere & Co. 3.75%, 4/15/2050			80		92
Renk AG (Germany) 5.75%, 7/15/2025(a)	EUR		300		379
TK Elevator Midco GmbH (Germany) 4.38%, 7/15/2027(a)	EUR		180		230
Wabash National Corp. 5.50%, 10/1/2025(b)			280		288
					989
Marine — 0.0%(h)
CMA CGM SA (France) 5.25%, 1/15/2025(a)	EUR		100		125

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Media — 1.1%
Altice Financing SA (Luxembourg) 2.25%, 1/15/2025(a)	EUR		300		358
Altice Finco SA (Luxembourg) 4.75%, 1/15/2028(a)	EUR		150		179
Bertelsmann SE & Co. KGaA (Germany) (EUR Swap Annual 5 Year + 2.64%), 3.00%, 4/23/2075(a)(f)	EUR		100		126
Charter Communications Operating LLC
2.80%, 4/1/2031			1,130		1,128
2.30%, 2/1/2032			764		717
3.50%, 6/1/2041			430		410
5.38%, 5/1/2047			958		1,118
3.70%, 4/1/2051			1,402		1,318
Clear Channel Outdoor Holdings, Inc. 7.75%, 4/15/2028(b)			160		164
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024			14		15
5.13%, 8/15/2027(b)			160		161
Comcast Corp.
4.60%, 8/15/2045			980		1,190
2.80%, 1/15/2051			649		598
Discovery Communications LLC
3.63%, 5/15/2030			700		748
4.65%, 5/15/2050			450		500
DISH DBS Corp. 5.88%, 11/15/2024			80		85
GCI LLC 4.75%, 10/15/2028(b)			310		316
iHeartCommunications, Inc.
6.38%, 5/1/2026			160		171
5.25%, 8/15/2027(b)			300		310
Meredith Corp. 6.50%, 7/1/2025(b)			80		86
Scripps Escrow II, Inc.
3.88%, 1/15/2029(b)			60		58
5.38%, 1/15/2031(b)			40		40
SES SA (Luxembourg) (EUR Swap Annual 5 Year + 4.66%), 4.62%, 1/2/2022(a)(e)(f)(g)	EUR		280		345
Sirius XM Radio, Inc. 4.63%, 7/15/2024(b)			110		113
Summer BC Holdco A SARL (Luxembourg) 9.25%, 10/31/2027(a)	EUR		90		117
Summer BC Holdco B SARL (Luxembourg) 5.75%, 10/31/2026(a)	EUR		380		483
Telenet Finance Luxembourg Notes SARL (Belgium) 3.50%, 3/1/2028(a)	EUR		300		379
Virgin Media Vendor Financing Notes III DAC (United Kingdom) 4.88%, 7/15/2028(a)	GBP		100		145
Ziggo Bond Co. BV (Netherlands) 3.38%, 2/28/2030(a)	EUR		370		444
Ziggo BV (Netherlands) 4.25%, 1/15/2027(a)	EUR		376		476
					12,298
Metals & Mining — 0.6%
Alcoa Nederland Holding BV 5.50%, 12/15/2027(b)			500		542
ArcelorMittal SA (Luxembourg) 1.75%, 11/19/2025(a)	EUR		450		576
Arconic Corp. 6.13%, 2/15/2028(b)			110		117
Cleveland-Cliffs, Inc. 4.63%, 3/1/2029(b)			240		247
Constellium SE 4.25%, 2/15/2026(a)	EUR		100		124
Freeport-McMoRan, Inc. 4.38%, 8/1/2028			90		95
Gerdau Trade, Inc. (Brazil) 4.88%, 10/24/2027(a)			1,300		1,468
Glencore Funding LLC (Australia) 2.50%, 9/1/2030(b)			1,310		1,283
Indonesia Asahan Aluminium Persero PT (Indonesia) 5.45%, 5/15/2030(b)			830		957
thyssenkrupp AG (Germany)
1.38%, 3/3/2022(a)	EUR		100		122
1.88%, 3/6/2023(a)	EUR		230		281
United States Steel Corp. 6.88%, 3/1/2029			140		147
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030			809		855
					6,814
Multi-Utilities — 0.3%
Ameren Corp. 3.50%, 1/15/2031			1,177		1,277
NGG Finance plc (United Kingdom) (EUR Swap Annual 5 Year + 2.53%), 2.12%, 9/5/2082(a)(f)	EUR		1,000		1,227
San Diego Gas & Electric Co. Series UUU, 3.32%, 4/15/2050			200		203
					2,707
Oil, Gas & Consumable Fuels — 2.9%
Antero Midstream Partners LP
5.38%, 9/15/2024			140		144
5.75%, 3/1/2027(b)			60		62
Antero Resources Corp. 8.38%, 7/15/2026(b)			25		28
BP Capital Markets America, Inc. 2.77%, 11/10/2050			390		349

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
BP Capital Markets plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025(e)(f)(g)			1,192		1,265
(EUR Swap Annual 5 Year + 3.88%), 3.25%, 3/22/2026(a)(e)(f)(g)	EUR		1,800		2,335
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030(e)(f)(g)			1,716		1,850
California Resources Corp. 7.13%, 2/1/2026(b)			34		35
Chevron USA, Inc.
3.85%, 1/15/2028			899		1,025
2.34%, 8/12/2050			200		172
Comstock Resources, Inc. 7.50%, 5/15/2025(b)			108		112
Ecopetrol SA (Colombia)
6.88%, 4/29/2030			630		744
7.38%, 9/18/2043			550		660
5.88%, 5/28/2045			430		444
Enbridge, Inc. (Canada) 3.13%, 11/15/2029			2,000		2,111
Energean Israel Finance Ltd. (Israel)
4.88%, 3/30/2026(a)			312		323
5.38%, 3/30/2028(a)			328		339
Energy Transfer LP
3.75%, 5/15/2030			37		39
5.35%, 5/15/2045			710		796
Eni SpA (Italy) 4.25%, 5/9/2029(b)			910		1,024
Exxon Mobil Corp. 3.00%, 8/16/2039			670		669
Gazprom PJSC (Russia) 3.25%, 2/25/2030(a)			480		476
Gray Oak Pipeline LLC 2.60%, 10/15/2025(b)			280		288
Greenko Dutch BV (India) 3.85%, 3/29/2026(b)			607		619
KazMunayGas National Co. JSC (Kazakhstan) 5.75%, 4/19/2047(a)			598		735
Leviathan Bond Ltd. (Israel)
6.13%, 6/30/2025(a)			372		408
6.50%, 6/30/2027(a)			403		447
6.75%, 6/30/2030(a)			232		260
Lukoil Securities BV (Russia) 3.88%, 5/6/2030(a)			420		443
MEG Energy Corp. (Canada) 6.50%, 1/15/2025(b)			8		8
MPLX LP 4.50%, 4/15/2038			1,025		1,136
NGL Energy Operating LLC 7.50%, 2/1/2026(b)			19		20
Occidental Petroleum Corp.
3.50%, 6/15/2025			140		140
8.88%, 7/15/2030			80		103
Petroleos Mexicanos (Mexico) 6.75%, 9/21/2047			2,755		2,435
Repsol International Finance BV (Spain)
(EUR Swap Annual 5 Year + 4.41%), 4.25%, 9/11/2028(a)(e)(f)(g)	EUR		100		133
(EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075(a)(f)	EUR		390		517
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030			578		655
State Oil Co. of the Azerbaijan Republic (Azerbaijan) 4.75%, 3/13/2023(a)			950		1,009
Tallgrass Energy Partners LP 7.50%, 10/1/2025(b)			330		360
Targa Resources Partners LP
5.00%, 1/15/2028			120		125
4.00%, 1/15/2032(b)			150		149
Total Capital International SA (France) 3.13%, 5/29/2050			310		300
TOTAL SE (France)
(EUR Swap Annual 5 Year + 3.78%), 3.88%, 5/18/2022(a)(e)(f)(g)	EUR		1,300		1,639
(EUR Swap Annual 5 Year + 2.15%), 2.62%, 2/26/2025(a)(e)(f)(g)	EUR		1,100		1,406
Transcanada Trust (Canada) Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076(f)			810		899
UGI International LLC 3.25%, 11/1/2025(a)	EUR		350		436
					29,672
Paper & Forest Products — 0.2%
Suzano Austria GmbH (Brazil) 6.00%, 1/15/2029			1,200		1,416
WEPA Hygieneprodukte GmbH (Germany) 2.88%, 12/15/2027(a)	EUR		180		217
					1,633
Personal Products — 0.1%
Coty, Inc.
4.00%, 4/15/2023(a)	EUR		200		241
5.00%, 4/15/2026(b)			145		147
Edgewell Personal Care Co. 5.50%, 6/1/2028(b)			450		478

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Prestige Brands, Inc. 5.13%, 1/15/2028(b)			215		225
					1,091
Pharmaceuticals — 0.6%
Bausch Health Cos., Inc.
6.13%, 4/15/2025(b)			106		108
5.50%, 11/1/2025(b)			500		513
5.00%, 1/30/2028(b)			120		113
6.25%, 2/15/2029(b)			720		704
5.25%, 1/30/2030(b)			190		175
Bristol-Myers Squibb Co. 4.25%, 10/26/2049			425		509
Catalent Pharma Solutions, Inc. 2.38%, 3/1/2028(a)	EUR		100		122
Cheplapharm Arzneimittel GmbH (Germany) 3.50%, 2/11/2027(a)	EUR		200		245
Nidda BondCo GmbH (Germany)
5.00%, 9/30/2025(a)	EUR		260		318
7.25%, 9/30/2025(a)	EUR		100		126
Organon Finance 1 LLC 4.13%, 4/30/2028(b)			310		313
Pfizer, Inc.
2.55%, 5/28/2040			330		320
2.70%, 5/28/2050			630		595
Rossini SARL (Italy) 6.75%, 10/30/2025(a)	EUR		120		154
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026			750		819
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040			420		411
Zoetis, Inc. 2.00%, 5/15/2030			610		596
					6,141
Professional Services — 0.0%(h)
La Financiere Atalian SASU (France) 5.13%, 5/15/2025(a)	EUR		375		457
Real Estate Management & Development — 0.2%
ADLER Real Estate AG (Germany)
1.50%, 4/17/2022(a)	EUR		200		245
3.00%, 4/27/2026(a)	EUR		300		381
Country Garden Holdings Co. Ltd. (China) 7.25%, 4/8/2026(a)			1,540		1,706
					2,332
Road & Rail — 0.1%
EC Finance plc (United Kingdom) 2.38%, 11/15/2022(a)	EUR		100		119
Loxam SAS (France) 3.25%, 1/14/2025(a) EUR			500		616
					735
Semiconductors & Semiconductor Equipment — 0.5%
ams AG (Austria) 6.00%, 7/31/2025(a)	EUR		330		430
Broadcom, Inc.
4.15%, 11/15/2030			710		777
2.45%, 2/15/2031(b)			1,690		1,623
Entegris, Inc. 4.38%, 4/15/2028(b)			140		146
Microchip Technology, Inc. 4.25%, 9/1/2025(b)			645		678
NXP BV (China) 3.25%, 5/11/2041(b)			1,140		1,140
ON Semiconductor Corp. 3.88%, 9/1/2028(b)			358		363
					5,157
Software — 0.3%
CDK Global, Inc. 5.25%, 5/15/2029(b)			265		286
Nuance Communications, Inc. 5.63%, 12/15/2026			410		431
Oracle Corp.
2.88%, 3/25/2031			1,010		1,035
3.95%, 3/25/2051			1,110		1,153
PTC, Inc. 4.00%, 2/15/2028(b)			130		133
SS&C Technologies, Inc. 5.50%, 9/30/2027(b)			530		561
					3,599
Specialty Retail — 0.3%
Douglas GmbH (Germany) 6.00%, 4/8/2026(b)	EUR		275		338
Dufry One BV (Switzerland) 2.50%, 10/15/2024(a)	EUR		100		120
eG Global Finance plc (United Kingdom)
3.63%, 2/7/2024(a)	EUR		350		412
4.38%, 2/7/2025(a)	EUR		100		119
Lowe’s Cos., Inc. 1.70%, 10/15/2030			1,725		1,632
PetSmart, Inc. 4.75%, 2/15/2028(b)			250		259
SRS Distribution, Inc. 4.63%, 7/1/2028(b)			105		106
Staples, Inc. 7.50%, 4/15/2026(b)			360		373
					3,359
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc. 2.65%, 2/8/2051			410		383
Dell International LLC
6.02%, 6/15/2026(b)			1,590		1,895
4.90%, 10/1/2026(b)			120		138
5.30%, 10/1/2029(b)			221		262
Diebold Nixdorf Dutch Holding BV 9.00%, 7/15/2025(a)	EUR		190		255
NCR Corp.
5.75%, 9/1/2027(b)			300		316
5.00%, 10/1/2028(b)			150		154
6.13%, 9/1/2029(b)			80		87
					3,490

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Thrifts & Mortgage Finance — 0.5%
BPCE SA (France) 5.70%, 10/22/2023(b)			2,870		3,196
Nationwide Building Society (United Kingdom) 0.75%, 10/26/2022(a)	EUR		2,100		2,604
					5,800
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037			1,399		1,452
Philip Morris International, Inc. 2.10%, 5/1/2030			160		156
Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025			895		995
					2,603
Trading Companies & Distributors — 0.2%
Air Lease Corp.
1.88%, 8/15/2026			230		229
3.25%, 10/1/2029			1,170		1,190
Herc Holdings, Inc. 5.50%, 7/15/2027(b)			10		11
Rexel SA (France) 2.75%, 6/15/2026(a)	EUR		480		601
United Rentals North America, Inc. 3.88%, 2/15/2031			140		141
WESCO Distribution, Inc. 7.13%, 6/15/2025(b)			300		324
					2,496
Transportation Infrastructure — 0.2%
Abertis Infraestructuras Finance BV (Spain)
(EUR Swap Annual 5 Year + 3.69%), 3.25%, 11/24/2025(a)(e)(f)(g)	EUR		300		374
(EUR Swap Annual 5 Year + 3.27%), 2.62%, 1/26/2027(a)(e)(f)(g)	EUR		200		240
Atlantia SpA (Italy)
1.63%, 2/3/2025(a)	EUR		410		511
1.88%, 7/13/2027(a)	EUR		100		125
Autostrade per l’Italia SpA (Italy)
1.63%, 6/12/2023	EUR		100		123
1.88%, 11/4/2025(a)	EUR		800		1,003
1.75%, 6/26/2026(a)	EUR		170		211
					2,587
Wireless Telecommunication Services — 1.2%
Hughes Satellite Systems Corp. 6.63%, 8/1/2026			120		133
Matterhorn Telecom SA (Luxembourg) 3.13%, 9/15/2026(a)	EUR		270		331
PLT VII Finance SARL (Luxembourg) 4.63%, 1/5/2026(a)	EUR		350		443
Sprint Corp. 7.63%, 2/15/2025			70		83
Telefonica Europe BV (Spain)
(EUR Swap Annual 5 Year + 2.33%), 2.62%, 3/7/2023(a)(e)(f)(g)	EUR		200		248
Series NC5, (EUR Swap Annual 5 Year + 2.45%), 3.00%, 9/4/2023(a)(e)(f)(g)	EUR		300		376
(EUR Swap Annual 10 Year + 4.30%), 5.87%, 3/31/2024(a)(e)(f)(g)	EUR		600		812
(EUR Swap Annual 8 Year + 2.97%), 3.87%, 6/22/2026(a)(e)(f)(g)	EUR		200		261
T-Mobile USA, Inc.
3.75%, 4/15/2027			2,400		2,637
3.88%, 4/15/2030			2,159		2,366
2.25%, 11/15/2031			246		236
3.00%, 2/15/2041			810		760
4.50%, 4/15/2050			1,265		1,432
Vodafone Group plc (United Kingdom)
4.88%, 6/19/2049			1,138		1,371
4.25%, 9/17/2050			640		709
(EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/3/2078(a)(f)	EUR		240		327
(EUR Swap Annual 5 Year + 2.67%), 3.10%, 1/3/2079(a)(f)	EUR		500		631
Series NC10, (EUR Swap Annual 5 Year + 3.23%), 3.00%, 8/27/2080(a)(f)	EUR		100		124
					13,280
TOTAL CORPORATE BONDS (Cost $370,361)					382,902
FOREIGN GOVERNMENT SECURITIES — 15.4%
Arab Republic of Egypt (Egypt)
5.75%, 5/29/2024(b)			820		874
7.50%, 1/31/2027(a)			430		489
5.88%, 2/16/2031(b)			771		757
7.63%, 5/29/2032(b)			1,000		1,084
8.70%, 3/1/2049(a)			830		892
Buoni Poliennali del Tesoro (Italy)
0.60%, 6/15/2023(a)	EUR		8,655		10,753
0.00%, 1/15/2024(a)	EUR		8,385		10,281
0.95%, 9/15/2027(a)	EUR		9,530		12,020
0.25%, 3/15/2028(a)	EUR		9,120		10,947
1.35%, 4/1/2030(a)	EUR		5,540		7,102
Commonwealth of Australia (Australia) 5.50%, 4/21/2023(a)	AUD		25,826		21,952

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Czech Republic (Czech Republic) 2.00%, 10/13/2033	CZK		95,090		4,620
Dominican Republic Government Bond (Dominican Republic)
4.88%, 9/23/2032(b)			660		677
5.30%, 1/21/2041(b)			540		541
6.40%, 6/5/2049(a)			258		276
5.88%, 1/30/2060(b)			1,216		1,197
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024(a)			1,970		1,818
Federal Republic of Nigeria (Nigeria)
6.50%, 11/28/2027(a)			1,500		1,596
7.63%, 11/28/2047(a)			1,090		1,098
Hashemite Kingdom of Jordan (Jordan)
5.85%, 7/7/2030(b)			1,330		1,379
7.38%, 10/10/2047(a)			710		750
Islamic Republic of Pakistan (Pakistan)
6.00%, 4/8/2026(b)			893		914
7.38%, 4/8/2031(b)			1,051		1,099
Italian Republic Government Bond (Italy) 0.88%, 5/6/2024			1,888		1,888
Jamaica Government Bond (Jamaica) 8.00%, 3/15/2039			870		1,224
Kingdom of Bahrain (Bahrain)
5.45%, 9/16/2032(b)			1,265		1,244
7.50%, 9/20/2047(a)			875		924
Kingdom of Morocco (Morocco)
1.50%, 11/27/2031(b)	EUR		1,240		1,421
3.00%, 12/15/2032(b)			476		457
Lebanese Republic (Lebanon) 6.38%, 3/9/2020(j)			1,280		166
Malaysia Government Bond (Malaysia) 3.83%, 7/5/2034	MYR		11,280		2,717
Mex Bonos Desarr Fix Rt (Mexico)
Series M 20, 8.50%, 5/31/2029	MXN		43,500		2,449
7.75%, 5/29/2031	MXN		60,240		3,258
People’s Republic of China (China) 3.27%, 11/19/2030	CNY		35,000		5,583
Republic of Angola (Angola) 8.00%, 11/26/2029(a)			530		539
Republic of Colombia (Colombia) 3.13%, 4/15/2031			1,000		961
Republic of Cote d’Ivoire (Ivory Coast)
6.38%, 3/3/2028(a)			1,190		1,323
6.88%, 10/17/2040(b)	EUR		1,880		2,498
Republic of Ghana (Ghana)
7.63%, 5/16/2029(a)			980		1,001
8.13%, 3/26/2032(a)			520		533
Republic of Indonesia (Indonesia)
6.50%, 6/15/2025	IDR		33,421,000		2,428
7.00%, 9/15/2030	IDR		9,776,000		709
8.38%, 3/15/2034	IDR		15,335,000		1,189
7.50%, 4/15/2040	IDR		56,472,000		4,098
Republic of Iraq (Iraq) 5.80%, 1/15/2028(a)			1,636		1,574
Republic of Kenya (Kenya)
6.88%, 6/24/2024(a)			1,370		1,521
8.25%, 2/28/2048(a)			480		530
Republic of North Macedonia (Macedonia, the Former Yugoslav Republic of) 2.75%, 1/18/2025(a)	EUR		1,110		1,404
Republic of Paraguay (Paraguay)
5.00%, 4/15/2026(a)			620		701
4.95%, 4/28/2031(b)			430		488
5.60%, 3/13/2048(a)			820		943
5.40%, 3/30/2050(b)			470		535
Republic of Senegal (Senegal)
6.25%, 7/30/2024(a)			1,760		1,957
6.25%, 5/23/2033(a)			700		739
Republic of Serbia (Serbia)
1.50%, 6/26/2029(b)	EUR		1,600		1,942
2.13%, 12/1/2030(b)			1,010		942
1.65%, 3/3/2033(b)	EUR		632		745
Republic of South Africa (South Africa)
4.30%, 10/12/2028			1,030		1,062
Series R213, 7.00%, 2/28/2031	ZAR		45,350		2,813
8.88%, 2/28/2035	ZAR		37,240		2,423
Series 2037, 8.50%, 1/31/2037	ZAR		20,176		1,241
6.25%, 3/8/2041			379		412
5.00%, 10/12/2046			1,150		1,081
5.75%, 9/30/2049			390		392
Romania Government Bond (Romania)
2.88%, 10/28/2024(a)	EUR		770		1,025
4.15%, 10/24/2030	RON		6,260		1,660
2.63%, 12/2/2040(b)	EUR		416		500
4.63%, 4/3/2049(b)	EUR		997		1,523
Titulos de Tesoreria (Colombia) 7.00%, 6/30/2032	COP		4,346,300		1,124
Ukraine Government Bond (Ukraine)
7.75%, 9/1/2024(a)			1,880		2,067
7.38%, 9/25/2032(a)			550		584
United Arab Emirates Government Bond (United Arab Emirates) 4.00%, 7/28/2050(b)			1,180		1,077
United Mexican States (Mexico)
3.77%, 5/24/2061			1,128		1,033
3.75%, 4/19/2071			1,815		1,629
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $163,149)					165,393

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
ASSET-BACKED SECURITIES — 13.6%
5AIF Juniper 2 LLC Series 2018-1, Class A, 5.45%, 8/15/2022‡(b)		431			431
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023(b)		193			194
American Credit Acceptance Receivables Trust
Series 2019-1, Class D, 3.81%, 4/14/2025(b)		2,445			2,523
Series 2019-1, Class E, 4.84%, 4/14/2025(b)		2,400			2,541
Series 2019-4, Class D, 2.97%, 12/12/2025(b)		790			817
Series 2021-2, Class C, 0.97%, 7/13/2027(b)		6,053			6,060
Series 2021-2, Class D, 1.34%, 7/13/2027(b)		4,800			4,799
Applebee’s Funding LLC Series 2019-1A, Class A2II, 4.72%, 6/7/2049(b)		697			738
Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-W7, Class M2, 0.99%, 5/25/2034‡(c)		125			124
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE7, Class M2, 1.67%, 10/25/2034‡(c)		162			167
Chase Funding Loan Acquisition Trust Series 2004-OPT1, Class M2, 1.59%, 6/25/2034‡(c)		203			203
Commonbond Student Loan Trust
Series 2018-AGS, Class B, 3.58%, 2/25/2044‡(b)		642			658
Series 2018-AGS, Class C, 3.82%, 2/25/2044‡(b)		89			90
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 1.22%, 12/25/2032‡(c)		654			655
Series 2004-2, Class M1, 0.84%, 5/25/2034‡(c)		37			37
Series 2004-ECC2, Class M2, 1.07%, 12/25/2034‡(c)		352			353
CPS Auto Receivables Trust Series 2021-B, Class C, 1.23%, 3/15/2027(b)		2,497			2,501
CPS Auto Trust
Series 2018-C, Class C, 3.68%, 6/17/2024(b)		835			839
Series 2018-C, Class D, 4.40%, 6/17/2024(b)		810			831
Credit Acceptance Auto Loan Trust
Series 2018-1A, Class C, 3.77%, 6/15/2027(b)		1,940			1,943
Series 2018-3A, Class B, 3.89%, 10/15/2027(b)		580			586
Series 2018-3A, Class C, 4.04%, 12/15/2027(b)		670			686
Series 2021-3A, Class A, 1.00%, 5/15/2030(b)		2,793			2,800
CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M2, 0.92%, 3/25/2034‡(c)		96			96
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-5, Class M2, 1.10%, 7/25/2034‡(c)		170			171
Diamond Resorts Owner Trust Series 2018-1, Class C, 4.53%, 1/21/2031‡(b)		1,327			1,371
Domino’s Pizza Master Issuer LLC Series 2018-1A, Class A2I, 4.12%, 7/25/2048(b)		702			736
Drive Auto Receivables Trust Series 2020-1, Class D, 2.70%, 5/17/2027		1,170			1,209
DT Auto Owner Trust
Series 2017-3A, Class E, 5.60%, 8/15/2024(b)		769			782
Series 2018-2A, Class E, 5.54%, 6/16/2025(b)		890			930
Series 2019-4A, Class D, 2.85%, 7/15/2025(b)		2,999			3,112
Series 2020-1A, Class C, 2.29%, 11/17/2025(b)		2,980			3,049
Series 2020-3A, Class E, 3.62%, 10/15/2027(b)		2,500			2,602
Encina Equipment Finance LLC Series 2021-1A, Class E, 4.36%, 3/15/2029(b)		809			808
Exeter Automobile Receivables Trust
Series 2018-3A, Class D, 4.35%, 6/17/2024(b)		2,230			2,298
Series 2018-3A, Class E, 5.43%, 8/15/2024(b)		550			588
Series 2020-1A, Class C, 2.49%, 1/15/2025(b)		1,320			1,345
Series 2020-1A, Class D, 2.73%, 12/15/2025(b)		2,150			2,216
Series 2019-3A, Class E, 4.00%, 8/17/2026(b)		810			847
Series 2020-1A, Class E, 3.74%, 1/15/2027(b)		2,650			2,750
Series 2021-2A, Class D, 1.40%, 4/15/2027		2,511			2,514
Series 2021-2A, Class E, 2.90%, 7/17/2028(b)		2,675			2,671
First Franklin Mortgage Loan Trust Series 2004-FF5, Class A1, 0.81%, 8/25/2034‡(c)		—	(k)		—	(k)
Flagship Credit Auto Trust Series 2017-4, Class D, 3.58%, 1/15/2024(b)		1,900			1,958
FREED ABS Trust
Series 2019-1, Class C, 5.39%, 6/18/2026(b)		900			926
Series 2019-2, Class B, 3.19%, 11/18/2026‡(b)		1,145			1,161
Series 2020-FP1, Class C, 4.37%, 3/18/2027(b)		1,460			1,498

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2021-2, Class B, 1.03%, 6/19/2028(b)		4,000		4,009
Series 2021-2, Class C, 1.94%, 6/19/2028(b)		763		765
GLS Auto Receivables Issuer Trust
Series 2019-2A, Class D, 4.52%, 2/17/2026(b)		630		657
Series 2020-4A, Class E, 3.51%, 10/15/2027(b)		650		673
GLS Auto Receivables Trust Series 2018-2A, Class D, 5.46%, 3/17/2025(b)		1,470		1,542
Lendmark Funding Trust
Series 2021-1A, Class A, 1.90%, 11/20/2031(b)		270		272
Series 2021-1A, Class B, 2.47%, 11/20/2031(b)		139		139
LV Tower 52 Issuer Series 2013-1, Class M, 7.75%, 7/15/2019‡(b)		3,272		3,300
Magnetite Ltd. (Cayman Islands) Series 2012-7A, Class A1R2, 0.98%, 1/15/2028(b)(c)		526		527
Mid-State Capital Corp. Trust Series 2006-1, Class M2, 6.74%, 10/15/2040‡(b)		2,232		2,416
Morgan Stanley ABS Capital I, Inc. Trust
Series 2004-HE1, Class M1, 0.95%, 1/25/2034‡(c)		410		410
Series 2004-NC7, Class M3, 1.07%, 7/25/2034‡(c)		89		88
Series 2004-HE7, Class M2, 1.04%, 8/25/2034‡(c)		51		51
Series 2004-HE7, Class M3, 1.11%, 8/25/2034‡(c)		64		64
Series 2004-HE8, Class M2, 1.11%, 9/25/2034‡(c)		113		110
Series 2005-NC1, Class M3, 0.86%, 1/25/2035‡(c)		347		338
MVW LLC Series 2021-1WA, Class D, 3.17%, 1/22/2041(b)		2,030		2,038
New Century Home Equity Loan Trust
Series 2004-2, Class M2, 1.02%, 8/25/2034‡(c)		52		52
Series 2004-4, Class M2, 0.89%, 2/25/2035‡(c)		214		213
NRZ Excess Spread-Collateralized Notes Series 2021-FNT2, Class A, 3.23%, 5/25/2026(b)		1,644		1,645
OnDeck Asset Securitization Trust III LLC
Series 2021-1A, Class A, 1.59%, 5/17/2027(b)		5,350		5,408
Series 2021-1A, Class B, 2.28%, 5/17/2027(b)		2,480		2,513
OneMain Direct Auto Receivables Trust
Series 2018-1A, Class B, 3.71%, 4/14/2025(b)		914		926
Series 2018-1A, Class D, 4.40%, 1/14/2028(b)		1,110		1,128
Onemain Financial Issuance Trust Series 2018-1A, Class D, 4.08%, 3/14/2029‡(b)		860		883
OneMain Financial Issuance Trust Series 2021-1A, Class A1, 1.55%, 6/16/2036(b)		5,425		5,435
Oportun Issuance Trust
Series 2021-B, Class A, 1.47%, 5/8/2031(b)		2,538		2,553
Series 2021-B, Class B, 1.96%, 5/8/2031(b)		1,311		1,320
Option One Mortgage Loan Trust Series 2004-3, Class M3, 1.07%, 11/25/2034‡(c)		26		26
Pagaya AI Debt Selection Trust Series 2021-HG1, Class B, 1.82%, 1/16/2029(b)		1,187		1,187
Palmer Square Loan Funding Ltd. (Cayman Islands) Series 2018-5A, Class A1, 1.04%, 1/20/2027(b)(c)		1,049		1,050
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 2.44%, 4/25/2023(b)(c)		1,210		1,206
PNMAC GMSR Issuer Trust Series 2018-GT2, Class A, 2.74%, 8/25/2025(b)(c)		2,280		2,274
Progress Residential Trust Series 2018-SFR3, Class E, 4.87%, 10/17/2035‡(b)		2,937		2,979
Renaissance Home Equity Loan Trust
Series 2005-1, Class AF6, 4.97%, 5/25/2035‡(i)		170		179
Series 2005-2, Class M1, 5.05%, 8/25/2035‡(i)		1,678		1,775
Republic Finance Issuance Trust Series 2020-A, Class A, 2.47%, 11/20/2030(b)		396		405
Santander Drive Auto Receivables Trust Series 2021-2, Class D, 1.35%, 7/15/2027		1,720		1,722
Santander Prime Auto Issuance Notes Trust Series 2018-A, Class F, 6.80%, 9/15/2025(b)		385		389
Santander Revolving Auto Loan Trust
Series 2019-A, Class A, 2.51%, 1/26/2032(b)		820		867
Series 2019-A, Class C, 3.00%, 1/26/2032(b)		2,936		3,106
Series 2019-A, Class D, 3.45%, 1/26/2032(b)		2,910		3,067
SoFi Consumer Loan Program Trust Series 2018-4, Class D, 4.76%, 11/26/2027‡(b)		970		1,009
Sonic Capital LLC Series 2018-1A, Class A2, 4.03%, 2/20/2048(b)		244		251

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Springleaf Funding Trust Series 2017-AA, Class C, 3.86%, 7/15/2030‡(b)		2,000		2,010
Structured Asset Investment Loan Trust
Series 2004-7, Class M1, 1.14%, 8/25/2034‡(c)		299		298
Series 2004-8, Class M2, 1.02%, 9/25/2034‡(c)		243		241
Structured Asset Securities Corp. Mortgage Loan Trust Series 2005-WF2, Class M2, 0.72%, 5/25/2035‡(c)		119		117
Tesla Auto Lease Trust
Series 2019-A, Class E, 5.48%, 5/22/2023(b)		1,520		1,601
Series 2020-A, Class E, 4.64%, 8/20/2024(b)		2,450		2,583
Series 2021-A, Class D, 1.34%, 3/20/2025(b)		1,025		1,028
Upstart Pass-Through Trust Series 2021-ST4, Class A, 2.00%, 7/20/2027(b)		2,100		2,101
Upstart Securitization Trust
Series 2021-1, Class C, 4.06%, 3/20/2031(b)		750		769
Series 2021-2, Class C, 3.61%, 6/20/2031(b)		1,030		1,039
Westlake Automobile Receivables Trust
Series 2018-3A, Class E, 4.90%, 12/15/2023(b)		490		510
Series 2018-2A, Class E, 4.86%, 1/16/2024(b)		730		750
Series 2018-1A, Class F, 5.60%, 7/15/2024(b)		2,900		2,915
Series 2018-2A, Class F, 6.04%, 1/15/2025(b)		1,701		1,738
Series 2018-3A, Class F, 6.02%, 2/18/2025(b)		1,000		1,040
TOTAL ASSET-BACKED SECURITIES (Cost $143,529)				145,921
COMMERCIAL MORTGAGE-BACKED SECURITIES — 8.3%
A10 Revolving Asset Financing I LLC 6.18%, 1/9/2020‡(b)(c)		6,000		6,000
BAMLL Re-REMIC Trust Series 2014-FRR9, Class F, 2.44%, 12/26/2046(b)(c)		1,057		1,042
BANK
Series 2018-BN13, Class C, 4.56%, 8/15/2061(c)		509		566
Series 2019-BN20, Class XA, IO, 0.84%, 9/15/2062(c)		4,131		243
Series 2019-BN20, Class C, 3.65%, 9/15/2062‡(c)		708		742
Series 2020-BN25, Class XA, IO, 0.89%, 1/15/2063(c)		13,199		860
Series 2021-BN33, Class XA, IO, 1.18%, 5/15/2064(c)		14,400		1,187
Benchmark Mortgage Trust Series 2019-B11, Class C, 3.75%, 5/15/2052‡(c)		1,679		1,773
BHMS Series 2018-ATLS, Class A, 1.35%, 7/15/2035(b)(c)		2,675		2,675
Braemar Hotels & Resorts Trust Series 2018-PRME, Class C, 1.35%, 6/15/2035‡(b)(c)		1,200		1,163
BX Commercial Mortgage Trust Series 2021-VINO, Class A, 0.76%, 5/15/2038(b)(c)		2,480		2,478
CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.39%, 11/15/2050‡(c)		152		166
CD Mortgage Trust Series 2016-CD2, Class C, 4.02%, 11/10/2049‡(c)		95		99
Citigroup Commercial Mortgage Trust
Series 2015-P1, Class D, 3.23%, 9/15/2048‡(b)		2,765		2,496
Series 2017-C4, Class A4, 3.47%, 10/12/2050		1,400		1,547
COMM Mortgage Trust
Series 2015-CR26, Class A3, 3.36%, 10/10/2048		1,349		1,452
Series 2015-CR26, Class D, 3.48%, 10/10/2048(c)		200		199
Commercial Mortgage Trust Series 2020-CBM, Class D, 3.63%, 2/10/2037‡(b)(c)		2,210		2,158
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		18		19
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class B, 1.33%, 5/15/2036‡(b)(c)		3,800		3,803
CSAIL Commercial Mortgage Trust Series 2021-C20, Class C, 3.73%, 3/15/2054‡(c)		469		492
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.29%, 7/25/2023(c)		41,654		225
Series K729, Class X1, IO, 0.36%, 10/25/2024(c)		20,681		208
Series K739, Class X1, IO, 1.29%, 9/25/2027(c)		18,991		1,293
Series K742, Class X1, IO, 0.87%, 3/25/2028(c)		5,000		214
Series K108, Class X1, IO, 1.69%, 3/25/2030(c)		7,399		960
Series K127, Class X1, IO, 0.33%, 1/25/2031(c)		65,991		1,823
Series K125, Class X1, IO, 0.59%, 1/25/2031(c)		18,391		907
Series K128, Class X1, IO, 0.53%, 3/25/2031(c)		13,999		633

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series K723, Class X3, IO, 1.92%, 10/25/2034(c)		9,280		378
Series K041, Class X3, IO, 1.64%, 11/25/2042(c)		13,061		668
Series K047, Class X3, IO, 1.49%, 6/25/2043(c)		18,000		970
Series K726, Class X3, IO, 2.13%, 7/25/2044(c)		3,760		209
Series K067, Class X3, IO, 2.11%, 9/25/2044(c)		15,993		1,853
Series K068, Class X3, IO, 2.06%, 10/25/2044(c)		4,540		516
Series K070, Class X3, IO, 2.04%, 12/25/2044(c)		2,152		250
Series K730, Class X3, IO, 2.03%, 2/25/2045(c)		13,820		920
Series K072, Class X3, IO, 2.14%, 12/25/2045(c)		3,940		483
Series K088, Class X3, IO, 2.35%, 2/25/2047(c)		7,310		1,149
FNMA ACES Series 2019-M1, Class A2, 3.55%, 9/25/2028(c)		1,200		1,378
FREMF Series 2018-KF46, Class B, 2.06%, 3/25/2028(b)(c)		1,942		1,880
FREMF Mortgage Trust
Series 2017-KF29, Class B, 3.66%, 2/25/2024(b)(c)		139		138
Series 2017-KF31, Class B, 3.01%, 4/25/2024(b)(c)		302		299
Series 2017-KF36, Class B, 2.76%, 8/25/2024(b)(c)		618		618
Series 2017-KF35, Class B, 2.86%, 8/25/2024(b)(c)		508		505
Series 2018-KF45, Class B, 2.06%, 3/25/2025(b)(c)		273		271
Series 2018-KF47, Class B, 2.11%, 5/25/2025(b)(c)		230		226
Series 2018-KF48, Class B, 2.16%, 6/25/2028(b)(c)		1,007		992
Series 2017-K726, Class C, 3.98%, 7/25/2049(b)(c)		725		773
Series 2017-K67, Class B, 3.94%, 9/25/2049(b)(c)		1,995		2,216
Series 2017-K729, Class B, 3.67%, 11/25/2049(b)(c)		880		950
GNMA
Series 2012-89, IO, 0.24%, 12/16/2053(c)		4,166		19
Series 2017-9, IO, 0.62%, 1/16/2057(c)		7,401		327
Series 2017-23, IO, 0.63%, 5/16/2059(c)		6,305		301
Series 2017-69, IO, 0.83%, 7/16/2059(c)		5,896		321
Series 2019-104, IO, 1.10%, 5/16/2061(c)		2,667		221
Series 2019-53, Class IA, IO, 0.79%, 6/16/2061(c)		12,979		894
Series 2019-155, IO, 0.65%, 7/16/2061(c)		14,945		942
Series 2020-89, Class IA, IO, 1.22%, 4/16/2062(c)		9,463		903
Series 2020-136, IO, 1.14%, 8/16/2062(c)		4,432		427
GPMT Ltd. (Cayman Islands) Series 2018-FL1, Class B, 1.65%, 11/21/2035‡(b)(c)		1,540		1,534
GS Mortgage Securities Trust Series 2015-GC30, Class C, 4.07%, 5/10/2050‡(c)		190		199
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class A4, 3.55%, 7/15/2048		1,350		1,462
Series 2015-C30, Class C, 4.27%, 7/15/2048‡(c)		266		283
Series 2015-C31, Class C, 4.62%, 8/15/2048‡(c)		124		133
JPMDB Commercial Mortgage Securities Trust
Series 2017-C7, Class C, 4.16%, 10/15/2050‡(c)		210		227
Series 2018-C8, Class A3, 3.94%, 6/15/2051		1,200		1,341
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP4, Class C, 3.42%, 12/15/2049‡(c)		152		153
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡(c)		4,763		2,548
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class C, 5.05%, 2/15/2047‡(c)		114		123
Series 2015-C24, Class C, 4.34%, 5/15/2048‡(c)		190		202
Series 2015-C23, Class D, 4.14%, 7/15/2050(b)(c)		200		203
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class D, 3.31%, 9/13/2031‡(b)		3,170		3,147
Morgan Stanley Capital I Trust
Series 2015-MS1, Class B, 4.03%, 5/15/2048‡(c)		147		159
Series 2019-L2, Class C, 4.97%, 3/15/2052(c)		978		1,088
Series 2020-L4, Class C, 3.54%, 2/15/2053‡(c)		481		497
Series 2021-L5, Class XA, IO, 1.43%, 5/15/2054(c)		10,800		1,064
NA Realty Investco LLC Series 2021-DGWD, Class A, 6/15/2026(b)(c)(l)		1,575		1,575
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048(b)(c)		1,712		1,799

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019-1, Class A, 3.76%, 3/25/2049(b)(c)		796		827
Series 2019-3, Class A, 3.03%, 10/25/2049(b)(c)		1,630		1,671
Series 2020-1, Class AFX, 2.61%, 2/25/2050(b)(c)		1,320		1,347
Series 2021-1, Class A, 1.40%, 5/25/2051(b)(c)		4,273		4,278
Wachovia Bank Commercial Mortgage Trust Series 2005-C21, Class F, 5.10%, 10/15/2044‡(b)(c)		1,299		327
Wells Fargo Commercial Mortgage Trust
Series 2016-C37, Class A4, 3.53%, 12/15/2049		1,650		1,812
Series 2018-C46, Class A4, 4.15%, 8/15/2051		1,245		1,425
Series 2019-C49, Class C, 4.87%, 3/15/2052‡(c)		316		357
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $92,562)				89,201
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.8%
Alternative Loan Trust
Series 2006-J3, Class 4A1, 5.75%, 5/25/2026		12		12
Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034		136		144
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035		221		223
Series 2004-28CB, Class 3A1, 6.00%, 1/25/2035		458		464
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		1,010		993
American Home Mortgage Assets Trust Series 2006-6, Class A1A, 0.28%, 12/25/2046(c)		1,293		1,105
Angel Oak Mortgage Trust
Series 2019-5, Class A1, 2.59%, 10/25/2049(b)(c)		4,218		4,239
Series 2020-1, Class A1, 2.47%, 12/25/2059(b)(c)		680		686
Angel Oak Mortgage Trust I LLC Series 2019-2, Class A1, 3.63%, 3/25/2049(b)(c)		725		734
Banc of America Alternative Loan Trust Series 2006-2, Class 7A1, 6.00%, 3/25/2021		35		34
Banc of America Funding Trust Series 2006-A, Class 1A1, 2.73%, 2/20/2036(c)		334		334
Banc of America Mortgage Trust Series 2004-A, Class 2A2, 2.53%, 2/25/2034(c)		142		145
CHL GMSR Issuer Trust Series 2018-GT1, Class A, 2.84%, 5/25/2023(b)(c)		1,670		1,677
Citigroup Mortgage Loan Trust, Inc. Series 2005-9, Class 2A2, 5.50%, 11/25/2035		1		1
COLT Mortgage Loan Trust Series 2020-1, Class A1, 2.49%, 2/25/2050(b)(c)		829		835
Connecticut Avenue Securities Trust Series 2019-R07, Class 1M2, 2.19%, 10/25/2039‡(b)(c)		649		652
CSMC Mortgage-Backed Trust Series 2007-2, Class 3A13, 5.50%, 3/25/2037		302		228
Deephaven Residential Mortgage Trust
Series 2019-4A, Class A1, 2.79%, 10/25/2059(b)(c)		1,483		1,498
Series 2020-1, Class A1, 2.34%, 1/25/2060(b)(c)		2,601		2,633
Series 2020-1, Class A3, 2.65%, 1/25/2060(b)(c)		806		813
FHLMC STACR Trust Series 2018-HQA2, Class M2, 2.39%, 10/25/2048(b)(c)		550		555
FHLMC Structured Agency Credit Risk Debt Notes
Series 2016-HQA4, Class M3, 3.99%, 4/25/2029(c)		1,004		1,042
Series 2018-HQA1, Class M2, 2.39%, 9/25/2030(c)		2,125		2,141
FHLMC, REMIC
Series 4043, Class PI, IO, 2.50%, 5/15/2027		3,060		156
Series 4086, Class AI, IO, 3.50%, 7/15/2027		1,254		78
Series 4120, Class UI, IO, 3.00%, 10/15/2027		954		45
Series 4216, Class MI, IO, 3.00%, 6/15/2028		520		35
Series 4178, Class BI, IO, 3.00%, 3/15/2033		1,069		98
Series 2936, Class AS, IF, IO, 6.00%, 2/15/2035(c)		258		41
Series 4119, Class LI, IO, 3.50%, 6/15/2039		2,991		61
Series 3907, Class AI, IO, 5.00%, 5/15/2040		140		—	(k)
Series 4018, Class HI, IO, 4.50%, 3/15/2041		2,334		206
Series 4073, Class IQ, IO, 4.00%, 7/15/2042		906		133
Series 4173, Class I, IO, 4.00%, 3/15/2043		3,001		539
Series 4305, Class SK, IF, IO, 6.50%, 2/15/2044(c)		1,223		244
Series 4612, Class QI, IO, 3.50%, 5/15/2044		5,191		578
Series 4372, Class SY, IF, IO, 6.00%, 8/15/2044(c)		4,281		750

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 4687, Class SG, IF, IO, 6.05%, 1/15/2047(c)		4,151		899
Series 4654, Class SK, IF, IO, 5.90%, 2/15/2047(c)		6,299		1,515
Series 4681, Class SD, IF, IO, 6.05%, 5/15/2047(c)		9,580		2,216
Series 4707, Class SA, IF, IO, 6.05%, 8/15/2047(c)		6,629		1,690
Series 4983, Class SY, IF, IO, 6.01%, 5/25/2050(c)		9,937		2,173
Series 5023, Class MI, IO, 3.00%, 10/25/2050		5,346		934
FNMA, Connecticut Avenue Securities
Series 2015-C03, Class 2M2, 5.09%, 7/25/2025(c)		250		254
Series 2017-C06, Class 1M2, 2.74%, 2/25/2030(c)		513		522
Series 2018-C05, Class 1M2, 2.44%, 1/25/2031(c)		1,562		1,580
Series 2018-C06, Class 1M2, 2.09%, 3/25/2031(c)		756		761
Series 2018-C06, Class 2M2, 2.19%, 3/25/2031(c)		252		255
FNMA, REMIC
Series 2012-109, Class WI, IO, 2.50%, 10/25/2027		1,334		63
Series 2012-145, Class EI, IO, 3.00%, 1/25/2028		2,282		148
Series 2012-149, Class MI, IO, 3.00%, 1/25/2028		1,413		77
Series 2012-120, Class DI, IO, 3.00%, 3/25/2031		372		16
Series 2003-130, Class NS, IF, IO, 6.91%, 1/25/2034(c)		596		113
Series 2005-67, Class SI, IF, IO, 6.61%, 8/25/2035(c)		417		57
Series 2005-69, Class AS, IF, IO, 6.61%, 8/25/2035(c)		129		27
Series 2006-24, Class QS, IF, IO, 7.11%, 4/25/2036(c)		408		73
Series 2012-148, Class JI, IO, 3.50%, 12/25/2039		723		29
Series 2010-102, Class IP, IO, 5.00%, 12/25/2039		211		3
Series 2012-118, Class DI, IO, 3.50%, 1/25/2040		1,577		57
Series 2013-5, Class BI, IO, 3.50%, 3/25/2040		2,111		99
Series 2010-68, Class SJ, IF, IO, 6.46%, 7/25/2040(c)		395		80
Series 2016-30, Class SA, IF, IO, 5.91%, 5/25/2046(c)		5,386		1,213
Series 2016-39, Class LS, IF, IO, 5.91%, 7/25/2046(c)		3,673		838
Series 2016-74, Class GS, IF, IO, 5.91%, 10/25/2046(c)		1,688		406
Series 2016-75, Class SC, IF, IO, 6.01%, 10/25/2046(c)		3,720		699
Series 2017-6, Class SB, IF, IO, 5.96%, 2/25/2047(c)		2,365		499
Series 2017-47, Class ST, IF, IO, 6.01%, 6/25/2047(c)		5,875		1,397
Series 2019-42, Class SK, IF, IO, 5.96%, 8/25/2049(c)		1,372		257
FWD Securitization Trust Series 2020-INV1, Class A1, 2.24%, 1/25/2050(b)(c)		1,489		1,519
GCAT Trust
Series 2020-NQM1, Class A1, 2.25%, 1/25/2060(b)(i)		1,939		1,969
Series 21-NQM2, Class A1, 1.04%, 5/25/2066(b)(c)		4,650		4,650
GNMA
Series 2014-36, Class WY, 2.00%, 3/16/2044		810		801
Series 2014-181, Class SL, IF, IO, 5.50%, 12/20/2044(c)		2,546		503
Series 2015-110, Class MS, IF, IO, 5.61%, 8/20/2045(c)		924		166
Series 2017-134, Class SD, IF, IO, 6.10%, 9/20/2047(c)		2,420		523
Series 2019-115, Class SD, IF, IO, 6.00%, 9/20/2049(c)		1,073		161
Series 2021-9, Class MI, IO, 2.50%, 1/20/2051		19,747		2,552
Series 2015-H13, Class GI, IO, 1.60%, 4/20/2065(c)		2,063		82
GSR Mortgage Loan Trust Series 2004-15F, Class 1A2, 5.50%, 12/25/2034		601		625
IndyMac INDX Mortgage Loan Trust Series 2005-AR10, Class A1, 0.61%, 6/25/2035(c)		809		743
JPMorgan Mortgage Trust Series 2006-S2, Class 1A19, 6.00%, 7/25/2036		366		272
Lehman Mortgage Trust Series 2005-2, Class 2A5, 5.50%, 12/25/2035		329		271
MASTR Alternative Loan Trust Series 2004-12, Class 3A1, 6.00%, 12/25/2034		1,359		1,405
Morgan Stanley Mortgage Loan Trust
Series 2004-4, Class 2A, 6.32%, 9/25/2034(c)		277		306
Series 2004-9, Class 1A, 5.43%, 11/25/2034(c)		96		104
New Residential Mortgage Loan Trust
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059(b)(c)		3,592		3,652
Series 2020-NQM1, Class A1, 2.46%, 1/26/2060(b)(c)		1,603		1,631
OBX Trust
Series 2019-EXP3, Class 2A1A, 0.99%, 10/25/2059(b)(c)		1,482		1,483
Series 2020-EXP1, Class 2A1, 0.84%, 2/25/2060(b)(c)		295		296

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
PRPM LLC Series 2020-3, Class A1, 2.86%, 9/25/2025(b)(i)			1,274		1,282
RALI Trust Series 2006-QS4, Class A2, 6.00%, 4/25/2036			33		32
Residential Asset Securitization Trust
Series 2005-A3, Class A2, 5.50%, 4/25/2035			2,076		1,768
Series 2005-A8CB, Class A11, 6.00%, 7/25/2035			262		235
SART 4.75%, 7/15/2024			1,694		1,702
Sequoia Mortgage Trust Series 2003-8, Class A1, 0.74%, 1/20/2034(c)			348		354
Starwood Mortgage Residential Trust
Series 2019-1, Class A3, 3.30%, 6/25/2049(b)(c)			1,203		1,209
Series 2019-INV1, Class A1, 2.61%, 9/27/2049(b)(c)			710		720
Series 2020-1, Class A1, 2.27%, 2/25/2050(b)(c)			895		906
TDA CAM 4 FTA (Spain) Series 4, Class A, 0.00%, 6/26/2039(a)(c)	EUR		528		642
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021(b)(i)			445		446
Verus Securitization Trust
Series 2019-4, Class A1, 2.64%, 11/25/2059(b)(i)			2,683		2,727
Series 2019-INV3, Class A1, 2.69%, 11/25/2059(b)(c)			4,025		4,098
Series 2020-1, Class A1, 2.42%, 1/25/2060(b)(i)			710		720
WaMu Mortgage Pass-Through Certificates Trust Series 2003-S3, Class 3A2, 5.50%, 5/25/2033			129		131
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $81,046)					83,788
LOAN ASSIGNMENTS — 5.4%(m)
Airlines — 0.0%(h)
Delta Air Lines, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 10/20/2027(f)			314		329
Auto Components — 0.2%
Adient US LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.59%, 4/10/2028(f)			1,000		1,001
Truck Hero, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 1/31/2028(f)			785		785
Wheel Pros, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 5.25%, 5/11/2028(f)			700		702
					2,488
Beverages — 0.1%
Triton Water Holdings, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 3/31/2028(f)			1,000		999
Building Products — 0.1%
American Bath Group LLC, 1st Lien Term Loan B1 (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 11/23/2027(f)			650		648
Chemicals — 0.2%
Gates Global LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.50%, 3/31/2027(f)			1,343		1,338
INEOS US Petrochem LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.25%, 1/29/2026(f)(n)			800		796
					2,134
Commercial Services & Supplies — 0.4%
Allied Universal Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.25%, 5/12/2028(f)			320		321
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.35%, 10/30/2026(f)			1,000		1,001
Harsco Corp., Term Loan B-3 (ICE LIBOR USD 1 Month + 2.25%), 2.75%, 3/10/2028(f)(n)			1,200		1,193
Nielsen Holdings PLC, Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.11%, 3/6/2028(f)			700		702

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Prime Security Services Borrower LLC, 1st Lien Term Loan B (ICE LIBOR USD 1-Month + 2.75%; ICE LIBOR USD 3-Month + 2.75%), 3.50%, 9/23/2026(f)		588		587
				3,804
Construction & Engineering — 0.1%
Pike Corp., Delayed Draw Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.10%, 1/21/2028(f)		810		808
Containers & Packaging — 0.3%
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 2 Month + 3.25%), 3.39%, 4/3/2024(f)		897		874
Graham Packaging, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 8/4/2027(f)		818		817
LABL, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.09%, 7/1/2026(f)		1,073		1,070
				2,761
Diversified Consumer Services — 0.1%
Interior Logic Group, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 4/3/2028(f)(n)		700		695
Diversified Financial Services — 0.2%
Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/1/2027(f)		1,556		1,558
Sabre Holdings Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/17/2027(f)		775		779
				2,337
Electrical Equipment — 0.2%
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 8/1/2025(f)		998		991
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.86%, 3/2/2027(f)		1,124		1,119
				2,110
Electronic Equipment, Instruments & Components — 0.1%
Ingram Micro, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 3/30/2028(f)(n)		1,000		1,000
Entertainment — 0.0%(h)
WMG Acquisition Corp., 1st Lien Term Loan G (ICE LIBOR USD 1 Month + 2.13%), 2.22%, 1/20/2028(f)(n)		400		397
Food Products — 0.0%(h)
B&G Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.59%, 10/10/2026(f)		400		400
Health Care Equipment & Supplies — 0.3%
Avantor Funding, Inc., Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.25%, 11/8/2027(f)		1,791		1,796
Insulet, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 5/4/2028(f)(n)		1,075		1,075
				2,871
Health Care Providers & Services — 0.1%
Pearl Intermediate Parent LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 2/14/2025(f)(n)		1,000		999
WIRB-Copernicus Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 1/8/2027(f)		597		600
				1,599
Hotels, Restaurants & Leisure — 0.3%
Caesars Resort Collection LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 12/23/2024(f)		1,200		1,189
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 12/15/2027(f)		998		997

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 8/14/2024(f)		1,000		990
				3,176
Household Durables — 0.1%
Cabinetworks, 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 4.25%), 4.75%, 12/31/2027(f)(n)		800		797
Household Products — 0.0%(h)
Reynolds Consumer Products, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 2/4/2027(f)		428		426
Internet & Direct Marketing Retail — 0.2%
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 10/10/2025(f)(n)		1,471		1,468
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 7.00%, 9/25/2026(f)		368		369
				1,837
IT Services — 0.2%
Ancestry.com, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 12/6/2027(f)		1,397		1,393
Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 3/9/2027(f)		358		355
				1,748
Leisure Products — 0.1%
Hercules Achievement, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 4.50%, 12/16/2024(f)		808		784
Life Sciences Tools & Services — 0.1%
Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 2-Month + 3.25%; ICE LIBOR USD 3-Month + 3.25%), 4.25%, 8/30/2024(f)		696		697
Machinery — 0.2%
Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027(f)		1,254		1,257
Hillman Group, Inc. (The), Initial Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.09%, 5/30/2025(f)		746		744
Sundyne, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 3/17/2027(f)		691		689
				2,690
Media — 0.0%(h)
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2-Month + 3.50%; ICE LIBOR USD 3-Month + 3.50%), 3.69%, 8/21/2026(f)		100		96
Oil, Gas & Consumable Fuels — 0.1%
Buckeye Partners, LP, 1st Lien Term Loan B1 (ICE LIBOR USD 1 Month + 2.25%), 2.36%, 11/1/2026(f)		1,097		1,091
Paper & Forest Products — 0.1%
Asplundh Tree Expert LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 9/7/2027(f)		831		829
Personal Products — 0.2%
Conair Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.75%), 2.13%, 5/17/2028(f)(n)		800		803
Nestle Skin Health, Term Loan B (Luxembourg) (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 10/1/2026(f)		1,227		1,231
				2,034
Pharmaceuticals — 0.1%
Jazz Pharmaceuticals plc, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 5/5/2028(f)(n)		700		703

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Professional Services — 0.0%(h)
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 2/6/2026(f)		99		99
Road & Rail — 0.1%
Genesee & Wyoming, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 2.20%, 12/30/2026(f)		831		827
Software — 0.7%
Ascend Learning LLC, Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 4.00%, 7/12/2024(f)		348		347
(ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024(f)		1,124		1,125
Cloudera, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.25%, 12/22/2027(f)		854		853
Cornerstone OnDemand, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 4/22/2027(f)		1,002		1,002
Informatica LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 2/25/2027(f)		1,424		1,414
Solera LLC, Dollar Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 3/3/2023(f)		796		795
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 4/16/2025(f)		411		406
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 4/16/2025(f)		310		307
ThoughtWorks, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 3/24/2028(f)		1,000		997
Ultimate Software Group, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 5/4/2026(f)		1,124		1,126
				8,372
Specialty Retail — 0.4%
AppleCaramel Buyer LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 10/19/2027(f)		796		797
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 6.59%, 12/18/2026(f)(o)		1,772		1,686
Leslie’s Poolmart, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.25%, 3/9/2028(f)(n)		800		797
Park River Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 12/28/2027(f)		413		411
Petco Health and Wellness Co., Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 3/3/2028(f)		900		899
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 4.59%, 12/22/2025(f)(n)		796		778
				5,368
Wireless Telecommunication Services — 0.1%
CCI Buyer, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 12/17/2027(f)		1,052		1,053
TOTAL LOAN ASSIGNMENTS (Cost $57,857)				58,007
CONVERTIBLE BONDS — 3.7%
Airlines — 0.2%
JetBlue Airways Corp. 0.50%, 4/1/2026(b)		692		754
Southwest Airlines Co. 1.25%, 5/1/2025		815		1,387
				2,141

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Automobiles — 0.1%
Ford Motor Co. Zero Coupon, 3/15/2026(b)		995		1,094
Electronic Equipment, Instruments & Components — 0.1%
II-VI, Inc. 0.25%, 9/1/2022		1,020		1,522
Entertainment — 0.1%
Zynga, Inc. Zero Coupon, 12/15/2026(b)		1,370		1,476
Equity Real Estate Investment Trusts (REITs) — 0.2%
Kite Realty Group LP 0.75%, 4/1/2027(b)		583		589
Pebblebrook Hotel Trust 1.75%, 12/15/2026		965		1,061
Summit Hotel Properties, Inc. 1.50%, 2/15/2026		351		367
				2,017
Health Care Equipment & Supplies — 0.1%
Integra LifeSciences Holdings Corp. 0.50%, 8/15/2025		970		1,080
Health Care Providers & Services — 0.0%(h)
PetIQ, Inc. 4.00%, 6/1/2026(b)		220		346
Hotels, Restaurants & Leisure — 0.2%
Huazhu Group Ltd. (China) 0.38%, 11/1/2022		760		1,013
Vail Resorts, Inc. Zero Coupon, 1/1/2026(b)		686		730
				1,743
Interactive Media & Services — 0.3%
Snap, Inc. 0.75%, 8/1/2026		450		1,244
Zero Coupon, 5/1/2027(b)		354		364
TripAdvisor, Inc. 0.25%, 4/1/2026(b)		1,224		1,179
Twitter, Inc. Zero Coupon, 3/15/2026(b)		900		827
				3,614
IT Services — 0.1%
GDS Holdings Ltd. (China) 2.00%, 6/1/2025		550		866
Square, Inc. 0.50%, 5/15/2023		174		496
				1,362
Leisure Products — 0.1%
Callaway Golf Co. 2.75%, 5/1/2026		455		1,000
Machinery — 0.2%
Fortive Corp. 0.88%, 2/15/2022		1,230		1,236
Greenbrier Cos., Inc. (The) 2.88%, 4/15/2028(b)		1,090		1,156
				2,392
Media — 0.1%
DISH Network Corp. Zero Coupon, 12/15/2025(b)		920		1,104
Metals & Mining — 0.2%
Allegheny Technologies, Inc. 3.50%, 6/15/2025(b)		1,155		2,021
Road & Rail — 0.1%
Lyft, Inc. 1.50%, 5/15/2025(b)		975		1,583
Semiconductors & Semiconductor Equipment — 0.6%
ams AG (Austria) 2.13%, 11/3/2027(a) EUR		600		711
Cree, Inc. 0.88%, 9/1/2023		220		374
Microchip Technology, Inc. 1.63%, 2/15/2027		810		1,885
ON Semiconductor Corp. Zero Coupon, 5/1/2027(b)		1,690		1,770
Silicon Laboratories, Inc. 0.63%, 6/15/2025(b)		1,186		1,540
				6,280
Software — 1.0%
Alarm.com Holdings, Inc. Zero Coupon, 1/15/2026(b)		665		605
Bentley Systems, Inc. 0.13%, 1/15/2026(b)		505		568
Box, Inc. Zero Coupon, 1/15/2026(b)		797		900
Dropbox, Inc. Zero Coupon, 3/1/2028(b)		1,365		1,396
Envestnet, Inc. 1.75%, 6/1/2023		995		1,188
Everbridge, Inc. Zero Coupon, 3/15/2026(b)		1,184		1,141
FireEye, Inc. 0.88%, 6/1/2024		650		771
Nice Ltd. (Israel) Zero Coupon, 9/15/2025(b)		1,229		1,243
Palo Alto Networks, Inc. 0.38%, 6/1/2025(b)		1,250		1,677
				9,489
TOTAL CONVERTIBLE BONDS (Cost $35,334)				40,264
MORTGAGE-BACKED SECURITIES — 1.9%
FHLMC Gold Pools, 30 Year Pool # G61785, 3.50%, 1/1/2048		5,995		6,371
FNMA UMBS, 15 Year Pool # MA4261, 2.00%, 2/1/2036		6,870		7,101
FNMA UMBS, 30 Year
Pool # BM5275, 3.50%, 11/1/2047		2,143		2,278
Pool # BM5219, 3.50%, 3/1/2048		1,211		1,286

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
FNMA, Other
Pool # BF0263, 3.50%, 5/1/2058		1,508			1,659
Pool # BF0381, 4.00%, 4/1/2059		1,491			1,662
TOTAL MORTGAGE-BACKED SECURITIES (Cost $19,780)					20,357
	Shares (000)
CONVERTIBLE PREFERRED STOCKS — 0.1%
Specialty Retail — 0.1%
Claire’s Stores, Inc. *‡(Cost $266)		1			1,566
COMMON STOCKS — 0.1%
Auto Components — 0.0%(h)
Reminco LLC*‡		24			29
Communications Equipment — 0.0%(h)
Goodman Networks, Inc.*‡		6			—	(k)
Media — 0.1%
iHeartMedia, Inc., Class A*		13			294
Professional Services — 0.0%(h)
NMG, Inc.*		—	(k)		26
Specialty Retail — 0.0%(h)
Claire’s Stores, Inc.*‡		1			228
TOTAL COMMON STOCKS (Cost $1,104)					577
PREFERRED STOCKS — 0.0%(h)
Banks — 0.0%(h)
Wells Fargo & Co. Series Z, 4.75%, 3/15/2025 ($25 par value)(p)		5			139
Communications Equipment — 0.0%(h)
Goodman Networks, Inc. *‡		7			—	(k)
Internet & Direct Marketing Retail — 0.0%(h)
MYT Holding LLC
Series A, 10.00%, 6/6/2029‡		298			301
TOTAL PREFERRED STOCKS (Cost $435)					440
	No. of Warrants (000)
WARRANTS -0.0%(h)
Media — 0.0%(h)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom)*‡ (Cost $—)		14			194
	No. of Rights (000)
RIGHTS — 0.0%(h)
Independent Power and Renewable Electricity Producers — 0.0%(h)
Vistra Corp., expiring 12/31/2049*‡ (Cost $—)		42			49
	Shares (000)
SHORT-TERM INVESTMENTS — 8.3%
INVESTMENT COMPANIES — 8.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(q)(r) (Cost $89,626)		89,617			89,661
Total Investments — 100.2% (Cost $1,055,049)					1,078,320
Liabilities in Excess of Other Assets — (0.2)%					(1,983	)
Net Assets — 100.0%					1,076,337

Percentages indicated are based on net assets.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Abbreviations
ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
AUD	Australian Dollar
CNY	China Yuan
COP	Colombian Peso
CSMC	Credit Suisse Mortgage Trust
CZK	Czech Republic Koruna
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IDR	Indonesian Rupiah
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 May 31, 2021. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MXN	Mexican Peso
MYR	Malaysian Ringgit
PJSC	Public Joint Stock Company
PT	Limited liability company
REMIC	Real Estate Mortgage Investment Conduit
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
RON	Romanian Leu
SCA	Limited partnership with share capital
SOFR	Secured Overnight Financing Rate
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
ZAR	South African Rand

(a) 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.

(b) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2021.

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

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

(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 May 31, 2021.

(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2021.

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

(h) Amount rounds to less than 0.1% of net assets.

(i) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of May 31, 2021.

(j) Defaulted security.

(k) Amount rounds to less than one thousand.

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

(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 May 31, 2021. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

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

(p) The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of May 31, 2021.

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

(r) The rate shown is the current yield as of May 31, 2021.

* Non-income producing security.

‡ Value determined using significant unobservable inputs.

Futures contracts outstanding as of May 31, 2021 (amounts in thousands, except number of contracts):

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Euro-Bund		191			06/2021		EUR		39,586			(132	)
U.S. Treasury 10 Year Note		55			09/2021		USD		7,251			6
												(126	)
Short Contracts
Euro-Buxl		(29	)		06/2021		EUR		(7,105	)		328
Long Gilt		(5	)		09/2021		GBP		(903	)		(2	)
U.S. Treasury 2 Year Note		(148	)		09/2021		USD		(32,669	)		(11	)
U.S. Treasury 5 Year Note		(275	)		09/2021		USD		(34,051	)		(31	)
U.S. Treasury 10 Year Note		(278	)		09/2021		USD		(36,652	)		(31	)
U.S. Treasury 10 Year Ultra Note		(945	)		09/2021		USD		(136,803	)		85
U.S. Treasury Long Bond		(46	)		09/2021		USD		(7,187	)		5
U.S. Treasury Ultra Bond		(232	)		09/2021		USD		(42,876	)		(104	)
												239
												113

Abbreviations

EUR	Euro
GBP	British Pound
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of May 31, 2021 (amounts in thousands):

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	193		USD	233	Royal Bank of Canada		6/2/2021		2
CNY	1,708		USD	266	HSBC Bank, NA**		6/22/2021		2
COP	527,237		USD	141	Goldman Sachs International**		6/22/2021		1
CZK	15,579		USD	741	Barclays Bank plc		6/22/2021		5
CZK	112,612		USD	5,313	BNP Paribas		6/22/2021		81
INR	532,375		USD	7,224	BNP Paribas**		6/22/2021		101
KRW	5,456,087		USD	4,836	Citibank, NA**		6/22/2021		62
MXN	29,920		USD	1,492	BNP Paribas		6/22/2021		7
MXN	16,621		USD	830	Goldman Sachs International		6/22/2021		2
PLN	9,988		USD	2,697	BNP Paribas		6/22/2021		20
PLN	6,612		USD	1,769	Goldman Sachs International		6/22/2021		30
PLN	3,364		USD	895	State Street Corp.		6/22/2021		20
USD	22,410		AUD	28,940	BNP Paribas		6/22/2021		98
USD	2,683		COP	9,928,436	BNP Paribas**		6/22/2021		9
USD	2,693		CZK	56,091	BNP Paribas		6/22/2021		6
USD	2,673		MXN	53,280	State Street Corp.		6/22/2021		5
USD	2,687		MYR	11,111	BNP Paribas**		6/22/2021		1
ZAR	37,543		USD	2,669	Goldman Sachs International		6/22/2021		48
Total unrealized appreciation									500
USD	21,082		EUR	17,444	BNP Paribas		6/2/2021		(191	)
USD	114		EUR	95	Merrill Lynch International		6/2/2021		(2	)
USD	804		EUR	665	Royal Bank of Canada		6/2/2021		(8	)
USD	60,210		EUR	49,752	State Street Corp.		6/2/2021		(460	)
USD	411		GBP	293	BNP Paribas		6/2/2021		(5	)
USD	3,090		GBP	2,221	Citibank, NA		6/2/2021		(62	)
USD	1,299		GBP	933	Royal Bank of Canada		6/2/2021		(24	)
COP	9,401,200		USD	2,550	BNP Paribas**		6/22/2021		(18	)
COP	5,566,422		USD	1,512	Citibank, NA**		6/22/2021		(13	)
KRW	3,001,406		USD	2,695	BNP Paribas**		6/22/2021		(1	)
USD	3,548		CNY	22,883	Citibank, NA**		6/22/2021		(44	)
USD	11		CZK	233	Citibank, NA		6/22/2021		—	(a)
USD	81,050		EUR	66,827	HSBC Bank, NA		6/22/2021		(474	)
USD	637		IDR	9,125,783	Barclays Bank plc**		6/22/2021		(1	)
USD	2,493		NZD	3,461	Citibank, NA		6/22/2021		(14	)
USD	11,589		ZAR	164,478	BNP Paribas		6/22/2021		(314	)
ZAR	35,367		USD	2,572	Goldman Sachs International		6/22/2021		(13	)
EUR	199		USD	243	Royal Bank of Canada		7/6/2021		—	(a)
USD	82,577		EUR	67,764	Citibank, NA		7/6/2021		(113	)
USD	4,889		GBP	3,447	Barclays Bank plc		7/6/2021		(3	)
Total unrealized depreciation									(1,760	)
Net unrealized depreciation									(1,260	)

Abbreviations

AUD	Australian Dollar
CNY	China Yuan
COP	Colombian Peso
CZK	Czech Republic Koruna
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
INR	Indian Rupee
KRW	Korean Republic Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
PLN	Polish Zloty
USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than one thousand.
**	Non-deliverable forward.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Centrally Cleared Credit default swap contracts outstanding - sell protection^(a) as of May 31, 2021 (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.36-V1

5.00

Quarterly

6/20/2026

2.87

USD 50,296

4,733

644

5,377

(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).

Centrally Cleared Interest rate swap contracts outstanding as of May 31, 2021 (amounts in thousands):

Floating Rate Index(a)	Fixed Rate	Pay/Receive Floating Rate		Maturity Date		Notional Amount		Upfront Payments(Receipts) ($)		Value and Unrealized Appreciation (Depreciation) ($)
1 day CLICP semi-annually	1.85 semi-annually		Receive		5/3/2024		CLP 25,000,000		—		246
6 month BUBOR semi-annually	2.46 annually		Receive		4/29/2031		HUF 3,800,000		—		268
									—		514
6 month PRIBOR semi-annually	1.76 annually		Receive		4/27/2031		CZK 260,000		—		(15)
									—		499

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Abbreviations

BUBOR	Budapest Interbank Offered Rate
CDX	Credit Default Swap Index
CLICP	Chile Indice de Camara Promedio Interbank Overnight Index
CLP	Chilean Peso
CZK	Czech Republic Krona
HUF	Hungarian Forint
PRIBOR	Prague Interbank Offered Rate
USD	United States Dollar

(a) Value of floating rate index at May 31, 2021 was as follows:

Floating Rate Index	Value
1 Day CLICP	0.00%(b)
6 Month BUBOR	0.99
6 Month PRIBOR	0.51

(b) Amount rounds to less than 0.1%.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2021.

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.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

• 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:

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Asset-Backed Securities	$	—		$	123,845		$	22,076		$	145,921
Collateralized Mortgage Obligations		—			83,136			652			83,788
Commercial Mortgage-Backed Securities		—			60,420			28,781			89,201
Common Stocks
Auto Components		—			—			29			29
Communications Equipment		—			—			—	(a)		—	(a)
Media		294			—			—			294
Professional Services		26			—			—			26
Specialty Retail		—			—			228			228
Total Common Stocks		320			—			257			577
Convertible Bonds		—			40,264			—			40,264
Convertible Preferred Stocks		—			—			1,566			1,566
Corporate Bonds
Aerospace & Defense		—			8,576			—			8,576
Airlines		—			2,264			—			2,264
Auto Components		—			5,993			—			5,993
Automobiles		—			5,950			—			5,950
Banks		—			67,741			—			67,741
Beverages		—			5,367			—			5,367
Biotechnology		—			11,171			—			11,171
Building Products		—			781			—			781
Capital Markets		—			35,744			—			35,744
Chemicals		—			5,914			—			5,914
Commercial Services & Supplies		—			3,273			—			3,273
Communications Equipment		—			148			—			148
Construction Materials		—			809			—			809
Consumer Finance		—			9,122			—			9,122
Containers & Packaging		—			4,468			—			4,468
Distributors		—			129			—			129
Diversified Consumer Services		—			87			—			87
Diversified Financial Services		—			4,500			—			4,500
Diversified Telecommunication Services		—			23,444			—			23,444
Electric Utilities		—			26,531			4			26,535
Electrical Equipment		—			648			—			648
Electronic Equipment, Instruments & Components		—			892			—			892
Energy Equipment & Services		—			781			—			781
Entertainment		—			4,986			—			4,986
Equity Real Estate Investment Trusts (REITs)		—			5,068			—			5,068
Food & Staples Retailing		—			3,494			—			3,494
Food Products		—			2,165			—			2,165
Gas Utilities		—			134			—			134
Health Care Equipment & Supplies		—			2,666			—			2,666
Health Care Providers & Services		—			9,567			—			9,567
Health Care Technology		—			1,179			—			1,179
Hotels, Restaurants & Leisure		—			6,962			—			6,962
Household Durables		—			449			—			449
Household Products		—			1,846			—			1,846
Independent Power and Renewable Electricity Producers	$	—		$	3,890		$	—		$	3,890
Industrial Conglomerates		—			1,271			—			1,271
Insurance		—			1,936			—			1,936
Interactive Media & Services		—			218			—			218
Internet & Direct Marketing Retail		—			1,248			—			1,248
IT Services		—			3,609			—			3,609
Leisure Products		—			269			—			269
Life Sciences Tools & Services		—			243			—			243
Machinery		—			989			—			989
Marine		—			125			—			125
Media		—			12,298			—			12,298
Metals & Mining		—			6,814			—			6,814
Multi-Utilities		—			2,707			—			2,707
Oil, Gas & Consumable Fuels		—			29,672			—			29,672
Paper & Forest Products		—			1,633			—			1,633
Personal Products		—			1,091			—			1,091
Pharmaceuticals		—			6,141			—			6,141
Professional Services		—			457			—			457
Real Estate Management & Development		—			2,332			—			2,332
Road & Rail		—			735			—			735
Semiconductors & Semiconductor Equipment		—			5,157			—			5,157
Software		—			3,599			—			3,599
Specialty Retail		—			3,359			—			3,359
Technology Hardware, Storage & Peripherals		—			3,490			—			3,490
Thrifts & Mortgage Finance		—			5,800			—			5,800
Tobacco		—			2,603			—			2,603
Trading Companies & Distributors		—			2,496			—			2,496
Transportation Infrastructure		—			2,587			—			2,587
Wireless Telecommunication Services		—			13,280			—			13,280
Total Corporate Bonds		—			382,898			4			382,902
Foreign Government Securities		—			165,393			—			165,393
Loan Assignments		—			58,007			—			58,007
Mortgage-Backed Securities		—			20,357			—			20,357
Preferred Stocks
Banks		139			—			—			139
Communications Equipment		—			—			—	(a)		—	(a)
Internet & Direct Marketing Retail		—			—			301			301
Total Preferred Stocks		139			—			301			440
Rights		—			—			49			49
Warrants		—			—			194			194
Short-Term Investments
Investment Companies		89,661			—			—			89,661
Total Investments in Securities	$	90,120		$	934,320		$	53,880		$	1,078,320
Appreciation in Other Financial Instruments
Forward Currency Contracts	$	—		$	500		$	—		$	500
Futures Contracts		424			—			—			424
Swaps		—			1,158			—			1,158
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(1,760	)	$	—		$	(1,760	)
Futures Contracts		(311	)		—			—			(311	)
Swaps		—			(15	)		—			(15	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	113		$	(117	)	$	—		$	(4	)

(a) Amount rounds to less than one thousand.

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

	Balance as of February  28, 2021			Realized gain  (loss)			Change in net  unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level  3			Balance as of May  31, 2021
Investments in Securities:
Asset-Backed Securities	$	25,285		$	—	(a)	$	(115	)	$	7		$	1,014	$	(4,115	)	$	—	$	—		$	22,076
Collateralized Mortgage Obligations		1,727			—	(a)		(19	)		—	(a)		—		(1,056	)		—		—			652
Commercial Mortgage-Backed Securities		30,340			—	(a)		155			2			1,203		(1,574	)		285		(1,630	)		28,781
Common Stocks		244			—			13			—			—		—			—		—			257
Convertible Preferred Stocks		1,355			79			236			—			—		(104	)		—		—			1,566
Corporate Bonds		4			—			—			—			—		—			—		—			4
Preferred Stocks		464			2			(113	)		—			—		(52	)		—		—			301
Rights		49			—			—			—			—		—			—		—			49
Warrants		—	(a)		—			194			—			—		—			—		—			194
Total	$	59,468		$	81		$	351		$	9		$	2,217	$	(6,901	)	$	285	$	(1,630	)	$	53,880

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

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

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2021, which were valued using significant unobservable inputs (level 3), amounted to $379.

There were no significant transfers into or out of level 3 for the period ended May 31, 2021.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed below. 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.

Quantitative Information about Level 3 Fair Value Measurements #
	Fair Value at May  31, 2021			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	18,344		Discounted Cash Flow	Constant Prepayment Rate	0.00% - 40.00% (13.47%)
					Constant Default Rate	0.00% - 10.00% (1.64%)
					Yield (Discount Rate of Cash Flows)	1.24% - 4.74% (3.09%)
Asset-Backed Securities		18,344
		652		Discounted Cash Flow	Constant Prepayment Rate	10.00%(10.00%)
					Yield (Discount Rate of Cash Flows)	2.00%(2.00%)
Collateralized Mortgage Obligations		652
		20,918		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	1.72% - 199.00% (27.49%)
Commercial Mortgage-Backed Securities		20,918
		—	(b)	Market Comparable Companies	EBITDA Multiple (c)	5.0x (5.0x)
					Discount for Potential Outcome	30.00% (30.00%)
Preferred Stocks		—	(b)
		—	(b)	Market Comparable Companies	EBITDA Multiple (c)	5.0x (5.0x)
					Liquidity Discount	30.00% (30.00%)
		29		Pending Distribution	Expected Recovery	$1.20 ($1.20)
Common Stocks		29
Total	$	39,943

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At May 31, 2021, the value of these investments was $13,937. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

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

(b) Amount rounds to less than one thousand.

(c) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

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

For the period ended May 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2021		Shares at May 31,  2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b)	$	144,623	$	150,219	$	205,182	$	(5	)	$	6	$	89,661		89,617	$	27	$	—

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

(b) The rate shown is the current yield as of May 31, 2021.

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

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

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

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

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

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

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

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

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

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

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

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

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

(3). Swaps — The Fund engaged in various swap transactions to manage credit and interest rate (e.g., duration, yield curve) 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 change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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.

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

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

Credit Default Swaps

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

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

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

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

Interest Rate Swaps

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically based on a fixed interest rate.