JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited)

Investments		Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 93.1%
Aerospace & Defense — 2.7%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030(a)			1,395		1,495
Boeing Co. (The)
2.20%, 2/4/2026			1,840		1,848
5.04%, 5/1/2027			1,759		2,027
3.60%, 5/1/2034			383		395
3.25%, 2/1/2035			1,015		1,003
5.71%, 5/1/2040			220		274
3.38%, 6/15/2046			260		239
3.83%, 3/1/2059			375		362
3.95%, 8/1/2059			255		252
L3Harris Technologies, Inc. 4.40%, 6/15/2028			250		286
Leidos, Inc.
4.38%, 5/15/2030(a)			391		439
2.30%, 2/15/2031(a)			800		765
Lockheed Martin Corp. 2.80%, 6/15/2050			305		293
Northrop Grumman Corp. 3.25%, 1/15/2028			1,317		1,426
Raytheon Technologies Corp.
4.13%, 11/16/2028			2,800		3,191
3.75%, 11/1/2046			725		783
Spirit AeroSystems, Inc. 7.50%, 4/15/2025(a)			85		91
					15,169
Air Freight & Logistics — 0.1%
FedEx Corp. 3.25%, 5/15/2041			510		506
Automobiles — 0.7%
General Motors Co.
4.88%, 10/2/2023			1,215		1,328
6.13%, 10/1/2025			56		67
5.00%, 4/1/2035			170		202
5.15%, 4/1/2038			285		335
Hyundai Capital America
1.30%, 1/8/2026(a)			470		466
2.38%, 10/15/2027(a)			660		672
Nissan Motor Co. Ltd. (Japan) 4.35%, 9/17/2027(a)			900		984
					4,054
Banks — 17.7%
Australia & New Zealand Banking Group Ltd. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.29%), 2.95%, 7/22/2030(a)(b)			386		402
Banco Santander SA (Spain)
4.25%, 4/11/2027			1,400		1,578
3.31%, 6/27/2029			1,800		1,929
Bank of America Corp.
Series U, (ICE LIBOR USD 3 Month + 3.14%), 5.20%, 6/1/2023(b)(c)(d)			1,079		1,123
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024(b)(c)(d)			141		157
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024(b)(c)(d)			209		237
Series L, 3.95%, 4/21/2025			2,440		2,693
(SOFR + 0.96%), 1.73%, 7/22/2027(b)			1,745		1,767
Series L, 4.18%, 11/25/2027			810		911
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028(b)			2,060		2,298
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028(b)			1,290		1,430
(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 2/7/2030(b)			910		1,021
(ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030(b)			465		484
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032(b)			1,190		1,201
(SOFR + 1.32%), 2.69%, 4/22/2032(b)			2,995		3,036
(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038(b)			25		29
(SOFR + 1.93%), 2.68%, 6/19/2041(b)			1,995		1,885
Barclays plc (United Kingdom) 4.84%, 5/9/2028			456		512
BNP Paribas SA (France) (SOFR + 2.07%), 2.22%, 6/9/2026(a)(b)			2,280		2,358
CaixaBank SA (Spain) (EUR Swap Annual 5 Year + 6.50%), 6.75%, 6/13/2024(b)(c)(d)(e)	EUR		600		822
Citigroup, Inc.
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024(b)(c)(d)			857		921
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025(b)(c)(d)			575		591

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments		Principal Amount ($000)		Value ($000)
(SOFR + 0.67%), 0.98%, 5/1/2025(b)			900		906
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025(b)(c)(d)			759		774
4.30%, 11/20/2026			579		656
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028(b)			6,505		7,259
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028(b)			545		602
(SOFR + 1.42%), 2.98%, 11/5/2030(b)			1,355		1,418
(SOFR + 3.91%), 4.41%, 3/31/2031(b)			810		931
(SOFR + 1.17%), 2.56%, 5/1/2032(b)			940		942
5.30%, 5/6/2044			50		65
Citizens Financial Group, Inc. Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024(b)(c)(d)			630		674
Cooperatieve Rabobank UA (Netherlands) 3.75%, 7/21/2026			990		1,090
Credit Agricole SA (France)
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(a)(b)(c)(d)			400		485
(SOFR + 1.68%), 1.91%, 6/16/2026(a)(b)			265		271
Danske Bank A/S (Denmark)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.73%), 5.00%, 1/12/2023(a)(b)			865		887
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.62%, 9/11/2026(a)(b)			1,755		1,756
HSBC Holdings plc (United Kingdom)
(SOFR + 1.54%), 1.64%, 4/18/2026(b)			240		244
(SOFR + 1.93%), 2.10%, 6/4/2026(b)			1,990		2,047
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026(b)			1,860		2,078
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028(b)			1,330		1,479
4.95%, 3/31/2030			995		1,179
(SOFR + 2.39%), 2.85%, 6/4/2031(b)			2,509		2,560
(SOFR + 1.19%), 2.80%, 5/24/2032(b)			400		404
Intesa Sanpaolo SpA (Italy)
3.93%, 9/15/2026(e)	EUR		1,400		1,909
(EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027(b)(c)(d)(e)	EUR		600		883
4.95%, 6/1/2042(a)			630		636
Lloyds Banking Group plc (United Kingdom) (EURIBOR ICE Swap Rate 5 Year + 5.29%), 4.95%, 6/27/2025(b)(c)(d)(e)	EUR		200		267
Mizuho Financial Group, Inc. (Japan) (ICE LIBOR USD 3 Month + 0.83%), 2.23%, 5/25/2026(b)			740		767
Natwest Group plc (United Kingdom)
6.13%, 12/15/2022			1,065		1,151
6.00%, 12/19/2023			1,590		1,791
5.13%, 5/28/2024			1,330		1,488
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025(b)(c)(d)			638		708
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.99%), 5.13%, 5/12/2027(b)(c)(d)	GBP		753		1,138
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.07%, 5/22/2028(b)			885		933
Nordea Bank Abp (Finland) (USD Swap Semi 5 Year + 1.69%), 4.62%, 9/13/2033(a)(b)			1,710		1,903
Santander UK Group Holdings plc (United Kingdom) (SOFR + 1.48%), 2.90%, 3/15/2032(b)			716		728
Societe Generale SA (France) 4.25%, 4/14/2025(a)			1,820		1,986

JPMorgan Corporate Bond 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 + 3.93%), 4.75%, 5/26/2026(a)(b)(c)(d)			320		328
4.25%, 8/19/2026(a)			850		937
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030(a)(b)(c)(d)			855		892
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.65%, 7/8/2035(a)(b)			465		477
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.56%), 3.79%, 5/21/2025(a)(b)			810		875
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026(a)(b)			3,725		3,921
SVB Financial Group Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.00%, 5/15/2026(b)(c)(d)			690		701
Truist Financial Corp.
Series P, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.61%), 4.95%, 9/1/2025(b)(c)(d)			377		410
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030(b)(c)(d)			737		824
UniCredit SpA (Italy)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027(a)(b)			580		580
(EURIBOR ICE Swap Rate 5 Year + 4.08%), 3.87%, 6/3/2027(b)(c)(d)(e)	EUR		1,450		1,655
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032(a)(b)			360		359
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032(a)(b)			1,080		1,202
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 5.46%, 6/30/2035(a)(b)			570		616
Wells Fargo & Co.
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024(b)(c)(d)			965		1,036
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026(b)(c)(d)			1,552		1,591
4.10%, 6/3/2026			1,160		1,306
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027(b)			1,125		1,223
4.30%, 7/22/2027			964		1,102
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028(b)			2,650		2,928
(SOFR + 2.10%), 2.39%, 6/2/2028(b)			2,340		2,432
(SOFR + 2.53%), 3.07%, 4/30/2041(b)			1,065		1,062
4.40%, 6/14/2046			175		203
Westpac Banking Corp. (Australia) 2.15%, 6/3/2031			705		703
					99,743
Beverages — 2.7%
Anheuser-Busch Cos. LLC (Belgium) 4.70%, 2/1/2036			930		1,108
Anheuser-Busch InBev Finance, Inc. (Belgium)
4.70%, 2/1/2036			1,493		1,777
4.00%, 1/17/2043			480		513
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.00%, 4/13/2028			965		1,095
4.38%, 4/15/2038			740		846
4.35%, 6/1/2040			1,060		1,210
4.60%, 4/15/2048			1,100		1,274
4.50%, 6/1/2050			620		711
Coca-Cola Co. (The)
2.25%, 1/5/2032			620		622
2.50%, 6/1/2040			1,330		1,259
3.00%, 3/5/2051			280		276
Constellation Brands, Inc. 3.15%, 8/1/2029			860		911

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050		1,010		1,018
Keurig Dr Pepper, Inc. 3.80%, 5/1/2050		339		361
PepsiCo, Inc.
3.50%, 3/19/2040		410		456
3.60%, 8/13/2042		50		55
Pernod Ricard International Finance LLC 1.63%, 4/1/2031(a)		1,570		1,458
				14,950
Biotechnology — 2.2%
AbbVie, Inc.
3.20%, 11/21/2029		1,406		1,509
4.05%, 11/21/2039		665		744
4.40%, 11/6/2042		1,175		1,362
4.25%, 11/21/2049		1,235		1,422
Amgen, Inc. 3.15%, 2/21/2040		1,230		1,245
Biogen, Inc. 2.25%, 5/1/2030		2,340		2,308
Gilead Sciences, Inc.
4.00%, 9/1/2036		560		634
2.60%, 10/1/2040		580		542
2.80%, 10/1/2050		1,650		1,493
Regeneron Pharmaceuticals, Inc.
1.75%, 9/15/2030		380		356
2.80%, 9/15/2050		1,053		919
				12,534
Building Products—0.1%
Standard Industries, Inc. 5.00%, 2/15/2027(a)		400		414
Capital Markets—6.9%
Charles Schwab Corp. (The)
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026(b)(c)(d)		1,230		1,279
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030(b)(c)(d)		1,150		1,156
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 5.11%), 7.13%, 7/29/2022(b)(c)(d)(e)		910		952
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024(a)(b)(c)(d)		240		261
(SOFR + 1.56%), 2.59%, 9/11/2025(a)(b)		3,331		3,482
(SOFR + 2.04%), 2.19%, 6/5/2026(a)(b)		1,240		1,272
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027(a)(b)(c)(d)		1,840		1,921
4.28%, 1/9/2028(a)		740		823
(SOFR + 3.73%), 4.19%, 4/1/2031(a)(b)		315		350
(SOFR + 1.73%), 3.09%, 5/14/2032(a)(b)		720		731
Deutsche Bank AG (Germany)
(SOFR + 2.16%), 2.22%, 9/18/2024(b)		1,360		1,399
(SOFR + 1.72%), 3.04%, 5/28/2032(b)		1,145		1,139
Goldman Sachs Group, Inc. (The)
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026(b)(c)(d)		933		934
(SOFR + 0.80%), 1.43%, 3/9/2027(b)		480		480
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(b)		4,930		5,452
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029(b)		3,205		3,552
(SOFR + 1.28%), 2.62%, 4/22/2032(b)		620		625
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038(b)		1,070		1,209
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039(b)		660		780
Macquarie Bank Ltd. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.70%), 3.05%, 3/3/2036(a)(b)		410		398
Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028(a)(b)		55		60

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments		Principal Amount ($000)		Value ($000)
Mellon Capital IV
Series 1, (ICE LIBOR USD 3 Month + 0.57%), 4.00%, 6/28/2021(b)(c)(d)			285		284
Moody’s Corp. 2.55%, 8/18/2060			515		426
Morgan Stanley
(SOFR + 0.88%), 1.59%, 5/4/2027(b)			1,500		1,514
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028(b)			2,527		2,795
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030(b)			1,330		1,544
(SOFR + 1.43%), 2.80%, 1/25/2052(b)			855		800
S&P Global, Inc. 2.30%, 8/15/2060			196		159
State Street Corp. Series F, (ICE LIBOR USD 3 Month + 3.60%), 3.78%, 9/15/2021(b)(c)(d)			281		281
UBS Group AG (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027(a)(b)			2,850		2,841
					38,899
Chemicals — 1.1%
Air Products and Chemicals, Inc. 2.70%, 5/15/2040			815		797
CF Industries, Inc.
3.45%, 6/1/2023			1,000		1,040
5.15%, 3/15/2034			503		593
4.95%, 6/1/2043			302		342
5.38%, 3/15/2044			420		490
Chemours Co. (The) 7.00%, 5/15/2025			75		77
Dow Chemical Co. (The)
4.55%, 11/30/2025			530		605
2.10%, 11/15/2030			710		692
Huntsman International LLC 2.95%, 6/15/2031			415		417
LYB International Finance III LLC 3.63%, 4/1/2051			675		676
Mosaic Co. (The) 4.05%, 11/15/2027			151		168
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029			550		573
					6,470
Construction & Engineering — 0.6%
Heathrow Funding Ltd. (United Kingdom) 6.45%, 12/10/2031(e)	GBP		1,510		2,918
Manchester Airport Group Funding plc (United Kingdom) 2.88%, 9/30/2044(e)	GBP		400		559
					3,477
Consumer Finance — 2.2%
AerCap Ireland Capital DAC (Ireland) 1.75%, 1/30/2026			520		512
Avolon Holdings Funding Ltd. (Ireland)
5.25%, 5/15/2024(a)			420		461
2.88%, 2/15/2025(a)			676		695
2.13%, 2/21/2026(a)			300		297
4.25%, 4/15/2026(a)			550		592
4.38%, 5/1/2026(a)			130		140
Ford Motor Credit Co. LLC
3.38%, 11/13/2025			1,342		1,374
4.39%, 1/8/2026			735		783
General Motors Financial Co., Inc.
4.15%, 6/19/2023			530		566
1.70%, 8/18/2023			1,120		1,146
3.95%, 4/13/2024			167		181
2.75%, 6/20/2025			1,136		1,201
5.25%, 3/1/2026			445		516
3.85%, 1/5/2028			35		38
OneMain Finance Corp. 7.13%, 3/15/2026			250		291
Park Aerospace Holdings Ltd. (Ireland) 5.50%, 2/15/2024(a)			113		124
Volkswagen International Finance NV (Germany)
(EUR Swap Annual 12 Year + 2.97%), 4.62%, 3/24/2026(b)(c)(d)(e)	EUR		1,850		2,552
(EUR Swap Annual 10 Year + 3.98%), 4.62%, 6/27/2028(b)(c)(d)(e)	EUR		600		844
					12,313
Containers & Packaging — 0.0%(f)
LABL Escrow Issuer LLC 6.75%, 7/15/2026(a)			160		170
Diversified Consumer Services — 0.3%
Pepperdine University Series 2020, 3.30%, 12/1/2059			50		49
Service Corp. International 3.38%, 8/15/2030			280		272
Trustees of Boston University Series Ee, 3.17%, 10/1/2050			900		897
University of Chicago (The) Series 20B, 2.76%, 4/1/2045			200		199
					1,417

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Diversified Financial Services — 1.8%
Equitable Holdings, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.74%), 4.95%, 9/15/2025(b)(c)(d)		127		137
GE Capital Funding LLC 4.40%, 5/15/2030		3,620		4,162
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		2,135		2,482
NTT Finance Corp. (Japan) 1.16%, 4/3/2026(a)		1,400		1,396
Shell International Finance BV (Netherlands) 2.75%, 4/6/2030		1,605		1,685
				9,862
Diversified Telecommunication Services — 3.6%
AT&T, Inc.
2.25%, 2/1/2032		1,020		981
2.55%, 12/1/2033(a)		958		925
3.50%, 6/1/2041		2,375		2,382
3.10%, 2/1/2043		345		327
3.30%, 2/1/2052		55		51
3.50%, 9/15/2053(a)		643		610
3.55%, 9/15/2055(a)		2,430		2,298
Bell Canada (Canada) 4.30%, 7/29/2049		140		162
CCO Holdings LLC
5.50%, 5/1/2026(a)		900		931
4.50%, 8/15/2030(a)		125		127
Sprint Capital Corp. 8.75%, 3/15/2032		45		67
Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034		300		332
Telefonica Emisiones SA (Spain) 4.67%, 3/6/2038		1,629		1,876
Verizon Communications, Inc.
2.10%, 3/22/2028		470		476
4.33%, 9/21/2028		475		546
1.75%, 1/20/2031		285		268
2.55%, 3/21/2031		665		669
4.27%, 1/15/2036		2,150		2,481
2.65%, 11/20/2040		1,545		1,423
3.40%, 3/22/2041		1,070		1,088
3.85%, 11/1/2042		15		16
4.13%, 8/15/2046		125		141
2.88%, 11/20/2050		415		374
3.55%, 3/22/2051		605		614
2.99%, 10/30/2056		1,060		944
				20,109
Electric Utilities — 7.1%
Alliant Energy Finance LLC 4.25%, 6/15/2028(a)		356		403
Appalachian Power Co.
Series AA, 2.70%, 4/1/2031		586		598
6.38%, 4/1/2036		35		47
Baltimore Gas and Electric Co.
3.20%, 9/15/2049		295		299
2.90%, 6/15/2050		580		552
Commonwealth Edison Co. 3.70%, 3/1/2045		790		871
Duke Energy Carolinas LLC
2.55%, 4/15/2031		550		565
4.25%, 12/15/2041		660		775
4.00%, 9/30/2042		630		714
3.20%, 8/15/2049		80		81
Duke Energy Florida LLC 3.80%, 7/15/2028		300		335
Duke Energy Indiana LLC 3.75%, 5/15/2046		433		470
Duke Energy Ohio, Inc. 4.30%, 2/1/2049		80		95
Duke Energy Progress LLC
3.70%, 9/1/2028		690		771
3.70%, 10/15/2046		45		49
2.50%, 8/15/2050		405		355
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027(a)		353		385
Edison International
2.40%, 9/15/2022		1,510		1,542
3.55%, 11/15/2024		157		169
4.95%, 4/15/2025		1,400		1,558
Emera US Finance LP (Canada)
2.64%, 6/15/2031(a)		500		497
4.75%, 6/15/2046		525		601
Emera, Inc. (Canada) Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076(b)		818		941
Enel Finance International NV (Italy) 3.63%, 5/25/2027(a)		1,201		1,320
Entergy Arkansas LLC
4.00%, 6/1/2028		70		79
4.95%, 12/15/2044		242		266
Entergy Corp.
1.90%, 6/15/2028		630		623
2.40%, 6/15/2031		880		865
Entergy Louisiana LLC
2.35%, 6/15/2032		815		813
4.95%, 1/15/2045		1,569		1,725

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments		Principal Amount ($000)		Value ($000)
Entergy Mississippi LLC 3.50%, 6/1/2051			140		146
Entergy Texas, Inc.
3.45%, 12/1/2027			112		121
4.00%, 3/30/2029			85		95
Evergy, Inc. 2.90%, 9/15/2029			876		905
Florida Power & Light Co. 4.05%, 6/1/2042			70		82
Fortis, Inc. (Canada) 3.06%, 10/4/2026			631		680
Iberdrola International BV (Spain) Series NC5, (EUR Swap Annual 5 Year + 2.32%), 1.87%, 1/28/2026(b)(c)(d)(e)	EUR		500		623
ITC Holdings Corp. 2.95%, 5/14/2030(a)			1,330		1,383
Louisville Gas and Electric Co. 4.65%, 11/15/2043			65		78
Metropolitan Edison Co. 4.00%, 4/15/2025(a)			73		77
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028(a)			110		122
Mississippi Power Co. 3.95%, 3/30/2028			560		624
NextEra Energy Capital Holdings, Inc.
3.50%, 4/1/2029			30		33
2.25%, 6/1/2030			491		489
(ICE LIBOR USD 3 Month + 2.13%), 2.31%, 6/15/2067(b)			765		705
NRG Energy, Inc.
7.25%, 5/15/2026			61		63
5.75%, 1/15/2028			225		239
Ohio Power Co. 4.00%, 6/1/2049			30		34
Pacific Gas and Electric Co.
3.25%, 6/15/2023			525		543
3.50%, 6/15/2025			326		344
4.55%, 7/1/2030			190		200
4.25%, 3/15/2046			468		431
3.95%, 12/1/2047			1,185		1,058
PacifiCorp
4.13%, 1/15/2049			305		351
3.30%, 3/15/2051			1,122		1,145
Pennsylvania Electric Co.
3.25%, 3/15/2028(a)			125		130
3.60%, 6/1/2029(a)			110		116
PPL Capital Funding, Inc. Series A, (ICE LIBOR USD 3 Month + 2.67%), 2.86%, 3/30/2067(b)			2,425		2,303
Public Service Electric and Gas Co. 2.70%, 5/1/2050			510		480
Southern California Edison Co.
Series B, 3.65%, 3/1/2028			85		92
Series 13-A, 3.90%, 3/15/2043			8		8
Series C, 3.60%, 2/1/2045			135		132
Series C, 4.13%, 3/1/2048			335		346
3.65%, 2/1/2050			890		874
Southwestern Electric Power Co.
Series N, 1.65%, 3/15/2026			1,230		1,250
Series J, 3.90%, 4/1/2045			140		150
Tucson Electric Power Co. 4.00%, 6/15/2050			189		211
Union Electric Co. 2.95%, 3/15/2030			1,197		1,269
Virginia Electric and Power Co. 2.45%, 12/15/2050			745		654
Vistra Operations Co. LLC
3.55%, 7/15/2024(a)			465		489
3.70%, 1/30/2027(a)			675		710
4.30%, 7/15/2029(a)			1,195		1,267
Xcel Energy, Inc. 3.50%, 12/1/2049			340		351
					39,767
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027			805		883
Schlumberger Holdings Corp. 3.90%, 5/17/2028(a)			220		242
					1,125
Entertainment — 1.0%
Activision Blizzard, Inc. 2.50%, 9/15/2050			1,032		879
Netflix, Inc.
3.63%, 5/15/2027	EUR		390		545
4.88%, 4/15/2028			1,542		1,775
3.88%, 11/15/2029(e)	EUR		750		1,093
4.88%, 6/15/2030(a)			45		52
Walt Disney Co. (The)
3.50%, 5/13/2040			400		426
2.75%, 9/1/2049			670		622
					5,392
Equity Real Estate Investment Trusts (REITs) — 3.2%
American Tower Corp.
2.75%, 1/15/2027			1,565		1,646
3.13%, 1/15/2027			487		522
Boston Properties LP 2.55%, 4/1/2032			920		898
Corporate Office Properties LP 2.75%, 4/15/2031			195		192
Crown Castle International Corp.
3.65%, 9/1/2027			660		724

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
3.10%, 11/15/2029		530		554
2.90%, 4/1/2041		409		378
Equinix, Inc. 2.50%, 5/15/2031		1,060		1,056
Essex Portfolio LP 2.65%, 9/1/2050		780		659
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(a)		50		54
Healthcare Trust of America Holdings LP
3.10%, 2/15/2030		1,614		1,684
2.00%, 3/15/2031		380		360
Healthpeak Properties, Inc. 3.00%, 1/15/2030		1,580		1,648
Life Storage LP 4.00%, 6/15/2029		725		800
Office Properties Income Trust 2.65%, 6/15/2026		834		839
Prologis LP 2.13%, 10/15/2050		850		695
Regency Centers LP
2.95%, 9/15/2029		1,550		1,600
3.70%, 6/15/2030		1,013		1,108
Scentre Group Trust 1 (Australia) 3.25%, 10/28/2025(a)		245		263
UDR, Inc. 3.00%, 8/15/2031		20		21
VICI Properties LP
4.25%, 12/1/2026(a)		150		154
4.13%, 8/15/2030(a)		100		102
WEA Finance LLC (France) 2.88%, 1/15/2027(a)		1,085		1,114
WP Carey, Inc. 2.40%, 2/1/2031		1,150		1,120
				18,191
Food & Staples Retailing — 1.0%
7-Eleven, Inc.
2.50%, 2/10/2041(a)		325		292
2.80%, 2/10/2051(a)		630		563
Albertsons Cos., Inc. 4.88%, 2/15/2030(a)		180		188
Alimentation Couche-Tard, Inc. (Canada) 3.44%, 5/13/2041(a)		450		450
Kroger Co. (The) 3.88%, 10/15/2046		1,328		1,399
Sysco Corp. 3.30%, 2/15/2050		1,721		1,674
Walmart, Inc.
3.95%, 6/28/2038		740		861
3.63%, 12/15/2047		260		293
				5,720
Food Products — 0.8%
Bimbo Bakeries USA, Inc. (Mexico) 4.00%, 5/17/2051(a)		203		209
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025		1,040		1,053
Grupo Bimbo SAB de CV (Mexico) 4.00%, 9/6/2049(a)		618		635
Kraft Heinz Foods Co. 4.25%, 3/1/2031		625		695
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026(a)		730		756
Post Holdings, Inc. 4.63%, 4/15/2030(a)		345		347
Smithfield Foods, Inc. 3.00%, 10/15/2030(a)		795		793
				4,488
Gas Utilities — 0.2%
Atmos Energy Corp. 3.00%, 6/15/2027		770		834
Southern California Gas Co. 4.45%, 3/15/2044		40		47
				881
Health Care Equipment & Supplies — 0.2%
Becton Dickinson and Co. 3.70%, 6/6/2027		835		930
Zimmer Biomet Holdings, Inc. 4.45%, 8/15/2045		240		274
				1,204
Health Care Providers & Services — 4.1%
Aetna, Inc.
4.13%, 11/15/2042		280		310
4.75%, 3/15/2044		380		455
3.88%, 8/15/2047		255		272
Anthem, Inc.
4.63%, 5/15/2042		50		60
4.65%, 1/15/2043		530		635
Centene Corp. 3.38%, 2/15/2030		420		424
Cigna Corp.
4.38%, 10/15/2028		1,550		1,788
3.20%, 3/15/2040		1,045		1,058
3.40%, 3/15/2050		90		90
3.40%, 3/15/2051		540		540
Cottage Health Obligated Group Series 2020, 3.30%, 11/1/2049		30		31
CVS Health Corp.
4.30%, 3/25/2028		1,046		1,199
1.75%, 8/21/2030		2,040		1,939
4.78%, 3/25/2038		480		572
2.70%, 8/21/2040		1,780		1,661
HCA, Inc.
4.50%, 2/15/2027		3,335		3,784
3.50%, 9/1/2030		1,000		1,028

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
5.50%, 6/15/2047		250		314
5.25%, 6/15/2049		229		282
Memorial Health Services 3.45%, 11/1/2049		70		74
New York and Presbyterian Hospital (The) 2.26%, 8/1/2040		950		865
Texas Health Resources Series 2019, 3.37%, 11/15/2051		35		36
UnitedHealth Group, Inc.
2.30%, 5/15/2031		1,120		1,125
3.50%, 8/15/2039		1,566		1,695
2.75%, 5/15/2040		566		554
3.05%, 5/15/2041		300		305
3.25%, 5/15/2051		430		439
Universal Health Services, Inc. 2.65%, 10/15/2030(a)		1,790		1,769
				23,304
Hotels, Restaurants & Leisure — 0.2%
International Game Technology plc 6.50%, 2/15/2025(a)		300		332
McDonald’s Corp. 3.63%, 9/1/2049		705		740
Six Flags Entertainment Corp. 4.88%, 7/31/2024(a)		200		202
				1,274
Household Durables — 1.0%
Lennar Corp.
4.50%, 4/30/2024		100		109
5.00%, 6/15/2027		955		1,107
4.75%, 11/29/2027		1,153		1,334
MDC Holdings, Inc. 2.50%, 1/15/2031		2,110		2,048
PulteGroup, Inc.
5.50%, 3/1/2026		265		310
5.00%, 1/15/2027		501		584
				5,492
Independent Power and Renewable Electricity Producers — 0.7%
AES Corp. (The) 3.30%, 7/15/2025(a)		1,248		1,331
Alexander Funding Trust 1.84%, 11/15/2023(a)		1,727		1,754
Southern Power Co.
0.90%, 1/15/2026		112		110
5.15%, 9/15/2041		45		53
Series F, 4.95%, 12/15/2046		690		792
				4,040
Industrial Conglomerates — 0.2%
General Electric Co. 4.13%, 10/9/2042		292		324
Roper Technologies, Inc. 2.95%, 9/15/2029		870		915
				1,239
Insurance — 1.1%
American International Group, Inc.
3.40%, 6/30/2030		790		852
3.88%, 1/15/2035		755		833
4.80%, 7/10/2045		315		379
Berkshire Hathaway Finance Corp.
4.20%, 8/15/2048		180		214
2.85%, 10/15/2050		800		763
Guardian Life Insurance Co. of America (The)
4.88%, 6/19/2064(a)		140		171
3.70%, 1/22/2070(a)		145		143
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 3.76%, 6/15/2021(b)(c)(d)		65		65
6.40%, 12/15/2036		200		256
4.13%, 8/13/2042		85		98
Metropolitan Life Global Funding I 2.95%, 4/9/2030(a)		390		411
Nationwide Mutual Insurance Co. 4.35%, 4/30/2050(a)		290		312
New York Life Insurance Co.
3.75%, 5/15/2050(a)		335		357
4.45%, 5/15/2069(a)		225		271
Northwestern Mutual Life Insurance Co. (The) 3.85%, 9/30/2047(a)		80		87
Prudential Financial, Inc.
3.91%, 12/7/2047		15		17
3.70%, 3/13/2051		330		355
Teachers Insurance & Annuity Association of America
4.27%, 5/15/2047(a)		130		149
(ICE LIBOR USD 3 Month + 2.66%), 4.38%, 9/15/2054(a)(b)		280		297
				6,030
Internet & Direct Marketing Retail — 0.4%
Amazon.com, Inc.
3.88%, 8/22/2037		885		1,016
2.50%, 6/3/2050		729		654
2.70%, 6/3/2060		515		459
				2,129
IT Services — 0.6%
Fidelity National Information Services, Inc. 3.10%, 3/1/2041		260		256
Fiserv, Inc. 3.50%, 7/1/2029		330		358
Global Payments, Inc.
3.20%, 8/15/2029		1,119		1,179
2.90%, 5/15/2030		560		574

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments		Principal Amount ($000)		Value ($000)
VeriSign, Inc. 2.70%, 6/15/2031			730		731
Visa, Inc. 2.70%, 4/15/2040			310		308
					3,406
Media — 2.9%
Charter Communications Operating LLC
2.30%, 2/1/2032			625		587
6.38%, 10/23/2035			623		814
3.50%, 6/1/2041			1,185		1,130
4.80%, 3/1/2050			900		987
3.70%, 4/1/2051			250		235
3.90%, 6/1/2052			325		312
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027(a)			255		257
Comcast Corp.
3.40%, 4/1/2030			1,950		2,126
3.20%, 7/15/2036			570		598
3.75%, 4/1/2040			1,030		1,130
2.45%, 8/15/2052			2,900		2,500
Cox Communications, Inc. 4.80%, 2/1/2035(a)			290		343
Discovery Communications LLC
3.95%, 3/20/2028			1,815		1,991
4.13%, 5/15/2029			310		342
5.20%, 9/20/2047			555		652
iHeartCommunications, Inc. 5.25%, 8/15/2027(a)			250		259
Time Warner Cable LLC
5.88%, 11/15/2040			570		715
4.50%, 9/15/2042			140		151
ViacomCBS, Inc.
3.38%, 2/15/2028			260		280
4.38%, 3/15/2043			30		33
4.60%, 1/15/2045			450		506
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(b)			546		624
					16,572
Metals & Mining — 1.9%
Anglo American Capital plc (South Africa) 2.88%, 3/17/2031(a)			590		596
Arconic Corp. 6.13%, 2/15/2028(a)			300		319
Freeport-McMoRan, Inc.
4.13%, 3/1/2028			219		229
5.25%, 9/1/2029			1,035		1,150
5.40%, 11/14/2034			480		569
5.45%, 3/15/2043			700		845
Glencore Funding LLC (Australia)
4.63%, 4/29/2024(a)			730		806
1.63%, 4/27/2026(a)			1,415		1,415
4.00%, 3/27/2027(a)			1,440		1,597
Kaiser Aluminum Corp. 4.63%, 3/1/2028(a)			450		460
Teck Resources Ltd. (Canada)
5.20%, 3/1/2042			330		379
5.40%, 2/1/2043			736		876
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030			1,517		1,604
					10,845
Multi-Utilities — 2.1%
Ameren Corp.
1.75%, 3/15/2028			585		578
3.50%, 1/15/2031			1,437		1,558
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051			490		450
CenterPoint Energy, Inc.
Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023(b)(c)(d)			1,329		1,420
2.95%, 3/1/2030			342		356
2.65%, 6/1/2031			620		623
CMS Energy Corp.
2.95%, 2/15/2027			1,076		1,139
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050(b)			506		558
NGG Finance plc (United Kingdom) (EUR Swap Annual 5 Year + 2.53%), 2.12%, 9/5/2082(b)(e)	EUR		560		687
NiSource, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023(b)(c)(d)			422		442
2.95%, 9/1/2029			880		921
San Diego Gas & Electric Co. 4.30%, 4/1/2042			85		98
Sempra Energy (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025(b)(c)(d)			522		566
Southern Co. Gas Capital Corp.
3.25%, 6/15/2026			1,590		1,725
Series 20-A, 1.75%, 1/15/2031			698		652
					11,773

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments		Principal Amount ($000)		Value ($000)
Oil, Gas & Consumable Fuels — 7.5%
BP Capital Markets America, Inc.
4.23%, 11/6/2028			525		603
2.77%, 11/10/2050			940		841
2.94%, 6/4/2051			65		60
BP Capital Markets plc (United Kingdom)
(EUR Swap Annual 5 Year + 4.12%), 3.62%, 3/22/2029(b)(c)(d)(e)	EUR		850		1,110
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030(b)(c)(d)			818		882
Buckeye Partners LP 5.60%, 10/15/2044			25		24
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025			400		460
5.13%, 6/30/2027			1,425		1,653
Chevron USA, Inc.
3.25%, 10/15/2029			465		511
4.95%, 8/15/2047			230		298
2.34%, 8/12/2050			467		402
ConocoPhillips
3.75%, 10/1/2027(a)			1,691		1,901
4.30%, 8/15/2028(a)			740		850
Diamondback Energy, Inc.
2.88%, 12/1/2024			551		586
3.25%, 12/1/2026			256		276
3.50%, 12/1/2029			902		956
Enbridge, Inc. (Canada) 3.13%, 11/15/2029			690		728
Energy Transfer LP
2.90%, 5/15/2025			580		611
4.75%, 1/15/2026			65		73
4.00%, 10/1/2027			1,524		1,666
5.80%, 6/15/2038			810		966
6.05%, 6/1/2041			40		48
5.15%, 2/1/2043			80		86
5.95%, 10/1/2043			225		268
5.30%, 4/1/2044			360		397
5.00%, 5/15/2050			205		226
Enterprise Products Operating LLC
3.70%, 1/31/2051			375		376
3.20%, 2/15/2052			835		785
Equinor ASA (Norway) 2.38%, 5/22/2030			1,230		1,252
Exxon Mobil Corp.
2.61%, 10/15/2030			2,435		2,523
3.00%, 8/16/2039			1,128		1,126
Flex Intermediate Holdco LLC 3.36%, 6/30/2031(a)			710		711
Gray Oak Pipeline LLC
2.00%, 9/15/2023(a)			410		418
3.45%, 10/15/2027(a)			250		262
Hess Corp. 5.60%, 2/15/2041			495		596
Kinder Morgan Energy Partners LP 4.70%, 11/1/2042			705		794
Kinder Morgan, Inc.
5.30%, 12/1/2034			70		84
3.25%, 8/1/2050			930		854
Marathon Petroleum Corp. 4.75%, 9/15/2044			33		38
MPLX LP
4.50%, 4/15/2038			632		700
4.70%, 4/15/2048			450		502
Phillips 66 2.15%, 12/15/2030			1,101		1,063
Pioneer Natural Resources Co. 1.90%, 8/15/2030			830		781
Plains All American Pipeline LP
3.65%, 6/1/2022			660		675
4.50%, 12/15/2026			800		896
5.15%, 6/1/2042			375		400
4.30%, 1/31/2043			527		512
Sabine Pass Liquefaction LLC
5.00%, 3/15/2027			1,060		1,228
4.20%, 3/15/2028			1,990		2,219
Suncor Energy, Inc. (Canada) 3.10%, 5/15/2025			1,400		1,506
Targa Resources Partners LP 5.00%, 1/15/2028			30		31
Total Capital International SA (France)
2.99%, 6/29/2041			1,100		1,084
3.13%, 5/29/2050			165		160
TransCanada PipeLines Ltd. (Canada) 4.63%, 3/1/2034			1,353		1,573
Transcanada Trust (Canada)
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076(b)			486		539
(SOFR + 4.42%), 5.50%, 9/15/2079(b)			77		84
Valero Energy Corp. 2.15%, 9/15/2027			670		673
Williams Cos., Inc. (The) 4.90%, 1/15/2045			362		413
WPX Energy, Inc. 4.50%, 1/15/2030			637		687
					42,027
Pharmaceuticals — 2.3%
Astrazeneca Finance LLC (United Kingdom) 2.25%, 5/28/2031			350		350
AstraZeneca plc (United Kingdom) 2.13%, 8/6/2050			1,696		1,397
Bausch Health Cos., Inc. 5.75%, 8/15/2027(a)			525		547

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Bristol-Myers Squibb Co.
2.35%, 11/13/2040		710		662
2.55%, 11/13/2050		1,865		1,696
Elanco Animal Health, Inc. 4.91%, 8/27/2021(g)		15		15
Eli Lilly & Co. 2.25%, 5/15/2050		1,155		995
Pfizer, Inc.
2.55%, 5/28/2040		540		523
2.70%, 5/28/2050		900		851
Royalty Pharma plc 1.20%, 9/2/2025(a)		1,050		1,042
Takeda Pharmaceutical Co. Ltd. (Japan)
5.00%, 11/26/2028		2,030		2,423
2.05%, 3/31/2030		740		722
3.03%, 7/9/2040		580		568
Viatris, Inc. 4.00%, 6/22/2050(a)		385		390
Zoetis, Inc. 2.00%, 5/15/2030		790		772
				12,953
Professional Services — 0.4%
IHS Markit Ltd.
4.75%, 8/1/2028		735		856
4.25%, 5/1/2029		1,247		1,420
				2,276
Road & Rail — 1.1%
Burlington Northern Santa Fe LLC
3.90%, 8/1/2046		165		186
3.05%, 2/15/2051		330		330
Canadian National Railway Co. (Canada) 2.45%, 5/1/2050		905		776
CSX Corp. 2.50%, 5/15/2051		2,060		1,792
Norfolk Southern Corp.
3.95%, 10/1/2042		155		170
3.05%, 5/15/2050		1,066		1,022
Triton Container International Ltd. (Bermuda) 1.15%, 6/7/2024(a)		245		245
Union Pacific Corp.
3.60%, 9/15/2037		1,042		1,134
4.38%, 9/10/2038		75		87
3.55%, 8/15/2039		420		452
4.30%, 6/15/2042		65		73
				6,267
Semiconductors & Semiconductor Equipment — 1.5%
Broadcom Corp.
3.88%, 1/15/2027		423		465
3.50%, 1/15/2028		1,010		1,087
Broadcom, Inc.
4.11%, 9/15/2028		615		679
4.15%, 11/15/2030		721		789
2.45%, 2/15/2031(a)		1,656		1,591
NVIDIA Corp. 3.50%, 4/1/2050		466		499
NXP BV (China)
5.35%, 3/1/2026(a)		1,260		1,471
3.25%, 5/11/2041(a)		160		160
Qorvo, Inc. 4.38%, 10/15/2029		505		550
TSMC Global Ltd. (Taiwan) 2.25%, 4/23/2031(a)		785		779
Xilinx, Inc. 2.38%, 6/1/2030		283		284
				8,354
Software — 2.0%
Microsoft Corp.
3.45%, 8/8/2036		1,138		1,268
3.70%, 8/8/2046		205		235
2.92%, 3/17/2052		347		347
2.68%, 6/1/2060		275		256
Oracle Corp.
2.80%, 4/1/2027		895		951
2.88%, 3/25/2031		1,930		1,977
3.80%, 11/15/2037		835		887
3.60%, 4/1/2040		1,855		1,889
3.60%, 4/1/2050		1,665		1,639
3.95%, 3/25/2051		590		613
SS&C Technologies, Inc. 5.50%, 9/30/2027(a)		30		32
VMware, Inc.
4.65%, 5/15/2027		111		127
3.90%, 8/21/2027		616		684
4.70%, 5/15/2030		526		611
				11,516
Specialty Retail — 0.6%
Home Depot, Inc. (The)
3.30%, 4/15/2040		1,515		1,594
2.38%, 3/15/2051		555		488
Lowe’s Cos., Inc.
3.70%, 4/15/2046		730		774
3.00%, 10/15/2050		470		442
Penske Automotive Group, Inc. 5.50%, 5/15/2026		100		103
				3,401
Technology Hardware, Storage & Peripherals — 1.2%
Apple, Inc.
2.38%, 2/8/2041		600		559
3.45%, 2/9/2045		1,625		1,738
2.65%, 2/8/2051		790		737
2.80%, 2/8/2061		680		624
Dell International LLC
6.02%, 6/15/2026(a)		937		1,117

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments		Principal Amount ($000)		Value ($000)
4.90%, 10/1/2026(a)			1,141		1,310
5.30%, 10/1/2029(a)			771		913
					6,998
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc. 3.25%, 3/27/2040			605		639
Thrifts & Mortgage Finance — 1.0%
BPCE SA (France)
4.63%, 7/11/2024(a)			290		320
5.15%, 7/21/2024(a)			875		981
(SOFR + 1.52%), 1.65%, 10/6/2026(a)(b)			1,290		1,300
Nationwide Building Society (United Kingdom)
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.63%), 5.75%, 6/20/2027(b)(c)(d)(e)	GBP		860		1,361
(ICE LIBOR USD 3 Month + 1.45%), 4.30%, 3/8/2029(a)(b)			1,245		1,397
					5,359
Tobacco — 1.3%
Altria Group, Inc.
3.40%, 2/4/2041			955		876
3.88%, 9/16/2046			1,250		1,191
BAT Capital Corp. (United Kingdom)
4.70%, 4/2/2027			1,060		1,194
3.56%, 8/15/2027			2,320		2,464
BAT International Finance plc (United Kingdom) 2.25%, 9/9/2052(e)	GBP		850		864
Philip Morris International, Inc.
4.38%, 11/15/2041			515		590
3.88%, 8/21/2042			170		181
4.13%, 3/4/2043			170		187
					7,547
Trading Companies & Distributors — 0.8%
AerCap Holdings NV (Ireland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.87%, 10/10/2079(b)			360		373
Air Lease Corp.
3.25%, 3/1/2025			1,490		1,579
3.38%, 7/1/2025			400		429
2.88%, 1/15/2026			630		660
3.63%, 12/1/2027			95		101
3.00%, 2/1/2030			9		9
Aviation Capital Group LLC
5.50%, 12/15/2024(a)			440		496
1.95%, 1/30/2026(a)			470		467
United Rentals North America, Inc. 5.50%, 5/15/2027			150		159
					4,273
Transportation Infrastructure — 0.2%
Abertis Infraestructuras Finance BV (Spain) (EUR Swap Annual 5 Year + 3.69%), 3.25%, 11/24/2025(b)(c)(d)(e)	EUR		200		249
Autostrade per l’Italia SpA (Italy)
1.88%, 11/4/2025(e)	EUR		266		334
1.88%, 9/26/2029(e)	EUR		293		364
					947
Wireless Telecommunication Services — 1.5%
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049			380		386
Sprint Corp. 7.63%, 2/15/2025			300		355
Telefonica Europe BV (Spain) (EUR Swap Annual 6 Year + 4.11%), 4.37%, 12/14/2024(b)(c)(d)(e)	EUR		500		659
T-Mobile USA, Inc.
3.75%, 4/15/2027			2,870		3,155
4.75%, 2/1/2028			150		160
3.88%, 4/15/2030			2,784		3,051
Vodafone Group plc (United Kingdom)
4.38%, 2/19/2043			170		190
4.25%, 9/17/2050			545		604
					8,560
TOTAL CORPORATE BONDS (Cost $512,273)					524,076
LOAN ASSIGNMENTS — 5.9%(h)
Airlines — 0.1%
JetBlue Airways Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 6.25%, 6/17/2024(b)(i)			740		756
Beverages — 0.2%
Triton Water Holdings, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 3/31/2028(b)			1,000		999
Chemicals — 0.2%
Gates Global LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.50%, 3/31/2027(b)			996		993

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Commercial Services & Supplies — 0.2%
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(b)		1,000		999
Containers & Packaging — 0.3%
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 2 Month + 3.25%), 3.39%, 4/3/2024(b)(i)		497		485
Graham Packaging, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 8/4/2027(b)		1,150		1,149
LABL, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.09%, 7/1/2026(b)		166		166
				1,800
Diversified Consumer Services — 0.3%
Conservice LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.45%, 5/13/2027(b)		498		498
Spin Holdco, Inc., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 3/4/2028(b)		600		599
St. George’s University Scholastic Services LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.35%, 7/17/2025(b)(i)		743		738
				1,835
Diversified Financial Services — 0.4%
Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/1/2027(b)		1,496		1,498
Sabre Holdings Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/17/2027(b)(i)		823		827
				2,325
Diversified Telecommunication Services — 0.1%
Iridium Communications, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 11/4/2026(b)(i)		790		791
Electric Utilities — 0.3%
Astoria Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 12/10/2027(b)		645		645
Exelon Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 12/15/2027(b)(i)		997		998
				1,643
Electrical Equipment — 0.4%
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 8/1/2025(b)		996		989
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.86%, 3/2/2027(b)		1,146		1,141
				2,130
Entertainment — 0.1%
WMG Acquisition Corp., 1st Lien Term Loan G (ICE LIBOR USD 1 Month + 2.13%), 2.22%, 1/20/2028(b)(i)		500		497
Health Care Equipment & Supplies — 0.1%
Avantor Funding, Inc., Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.25%, 11/8/2027(b)(i)		428		429
Health Care Providers & Services — 0.5%
PCI Pharma Services, Inc., 1st Lien Term Loan (ICE LIBOR USD 1-Month + 3.50%; ICE LIBOR USD 3-Month + 3.50%), 4.25%, 11/30/2027(b)(i)		1,000		1,002

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pearl Intermediate Parent LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 2/14/2025(b)(i)		597		597
WIRB-Copernicus Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 1/8/2027(b)(i)		1,146		1,151
				2,750
Hotels, Restaurants & Leisure — 0.7%
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 12/15/2027(b)		996		995
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 8/14/2024(b)(i)		997		987
UFC Holdings LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 3 Month + 3.00%), 3.75%, 4/29/2026(b)(i)		823		821
Zaxby’s Operating Co., LP, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 12/28/2027(b)		700		700
				3,503
Insurance — 0.1%
Asurion LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 7/31/2027(b)		475		473
Internet & Direct Marketing Retail — 0.1%
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 10/10/2025(b)(i)		788		786
IT Services — 0.2%
Ancestry.com, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 12/6/2027(b)		970		967
Machinery — 0.1%
Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027(b)		838		840
Media — 0.3%
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(b)		893		864
iHeartCommunications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 5/1/2026(b)		995		984
				1,848
Road & Rail — 0.1%
Genesee & Wyoming, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 2.20%, 12/30/2026(b)(i)		496		494
Software — 0.6%
Ascend Learning LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024(b)(i)		647		648
Cloudera, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.25%, 12/22/2027(b)		748		747
Informatica LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 2/25/2027(b)		647		643
Ultimate Software Group, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 5/4/2026(b)		1,096		1,098
				3,136
Specialty Retail — 0.3%
Leslie’s Poolmart, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.25%, 3/9/2028(b)(i)		1,200		1,195
Petco Health and Wellness Co., Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 3/3/2028(b)		700		700
				1,895

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Technology Hardware, Storage & Peripherals — 0.1%
KDC US Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.84%, 12/22/2025(b)		349		346
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(b)		750		751
TOTAL LOAN ASSIGNMENTS (Cost $33,082)				32,986
	Shares (000)
PREFERRED STOCKS — 0.1%
Banks — 0.1%
Bank of America Corp. Series NN, 4.38%, 11/3/2025 ($25 par value)(j)		20		508
Electric Utilities — 0.0%(f)
SCE Trust VI 5.00%, 6/26/2022 ($25 par value)(j)		10		243
TOTAL PREFERRED STOCKS (Cost $734)				751
	Principal Amount ($000)
MUNICIPAL BONDS — 0.1%(k)
Colorado — 0.1%
Colorado Health Facilities Authority, Sanford Health Series 2019B, Rev., 3.80%, 11/1/2044 (Cost $327)		320		334
ASSET-BACKED SECURITIES -0.0%(f)
Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030(a)		61		62
British Airways Pass-Through Trust (United Kingdom) Series 2019-1, Class AA, 3.30%, 12/15/2032(a)		29		30
Delta Air Lines Pass-Through Trust Series 2019-1, Class AA, 3.20%, 4/25/2024		40		42
United Airlines Pass-Through Trust
Series 2019-1, Class AA, 4.15%, 8/25/2031		49		52
Series 2019-2, Class AA, 2.70%, 5/1/2032		29		29
TOTAL ASSET-BACKED SECURITIES (Cost $209)				215
U.S. TREASURY OBLIGATIONS — 0.0%(f)
U.S. Treasury Bonds 1.25%, 5/15/2050(Cost $5)		5		4
	Shares (000)
SHORT-TERM INVESTMENTS — 2.9%
INVESTMENT COMPANIES — 2.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(l)(m)(Cost $13,028)		13,022		13,028
	Principal Amount ($000)
U.S. TREASURY OBLIGATIONS — 0.6%
U.S. Treasury Bills 0.01%, 7/15/2021(n)(o)(Cost $3,332)		3,332		3,332
TOTAL SHORT-TERM INVESTMENTS (Cost $16,360)				16,360
Total Investments — 102.1% (Cost $562,990)				574,726
Liabilities in Excess of Other Assets — (2.1)%				(11,600	)
Net Assets — 100.0%				563,126

Percentages indicated are based on net assets.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
GBP	British Pound
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2021.
(c)	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.
(d)	Security is an interest bearing note with preferred security characteristics.
(e)	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.
(f)	Amount rounds to less than 0.1% of net assets.
(g)	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.
(h)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(i)	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.
(j)	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.
(k)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(l)	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.
(m)	The rate shown is the current yield as of May 31, 2021.
(n)	All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(o)	The rate shown is the effective yield as of May 31, 2021.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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-BTP		61			06/2021		EUR		10,960			(112	)
Euro-Bund		28			06/2021		EUR		5,803			4
Canada 10 Year Bond		58			09/2021		CAD		6,920			13
Canada 5 Year Bond		118			09/2021		CAD		12,189			6
U.S. Treasury 2 Year Note		141			09/2021		USD		31,123			6
U.S. Treasury Long Bond		135			09/2021		USD		21,094			(82	)
U.S. Treasury Ultra Bond		114			09/2021		USD		21,069			(58	)
												(223	)
Short Contracts
Euro-Bobl		(39	)		06/2021		EUR		(6,409	)		33
Euro-Schatz		(8	)		06/2021		EUR		(1,093	)		1
Long Gilt		(82	)		09/2021		GBP		(14,808	)		(30	)
U.S. Treasury 5 Year Note		(94	)		09/2021		USD		(11,639	)		4
U.S. Treasury 10 Year Note		(121	)		09/2021		USD		(15,953	)		(14	)
U.S. Treasury 10 Year Ultra Note		(564	)		09/2021		USD		(81,648	)		106
												100
												(123	)

Abbreviations
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation) ($)
GBP	19	USD	27	Standard Chartered Bank	6/2/2021		—  (a	)
USD	25	AUD	32	State Street Corp.	6/2/2021		—  (a	)
CAD	101	USD	84	State Street Corp.	7/6/2021		—  (a	)
USD	610	EUR	500	State Street Corp.	7/6/2021		—  (a	)
Total unrealized appreciation							—  (a	)
AUD	32	USD	25	Standard Chartered Bank	6/2/2021		—  (a	)
CAD	62	USD	51	BNP Paribas	6/2/2021		—  (a	)
USD	167	CAD	203	Standard Chartered Bank	6/2/2021		(1	)
USD	14,115	EUR	11,663	State Street Corp.	6/2/2021		(108	)
USD	6,881	GBP	4,947	Citibank, NA	6/2/2021		(139	)
CAD	40	USD	33	TD Bank Financial Group	7/6/2021		—  (a	)
EUR	79	USD	96	Merrill Lynch International	7/6/2021		—  (a	)
USD	117	CAD	141	State Street Corp.	7/6/2021		—  (a	)
USD	14,213	EUR	11,663	Citibank, NA	7/6/2021		(19	)
USD	6,989	GBP	4,927	Barclays Bank plc	7/6/2021		(4	)
USD	60	GBP	42	Standard Chartered Bank	7/6/2021		—  (a	)
Total unrealized depreciation							(271	)
Net unrealized depreciation							(271	)

Abbreviations
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar
(a)	Amount rounds to less than one thousand.

Centrally Cleared Credit default swap contracts outstanding - buy 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.IG.36-V1

1.00

Quarterly

6/20/2026

0.51

USD 92,000

(1,909

)

(519

)

(2,428

)

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

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

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

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations
CDX	Credit Default Swap Index
USD	United States Dollar

JPMorgan Corporate Bond 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.

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

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

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.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	215		$	—	$	215
Corporate Bonds		—			524,076			—		524,076
Loan Assignments		—			32,986			—		32,986
Municipal Bonds		—			334			—		334
Preferred Stocks		751			—			—		751
U.S. Treasury Obligations		—			4			—		4
Short-Term Investments
Investment Companies		13,028			—			—		13,028
U.S. Treasury Obligations		—			3,332			—		3,332
Total Short-Term Investments		13,028			3,332			—		16,360
Total Investments in Securities	$	13,779		$	560,947		$	—	$	574,726
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	—	(a)	$	—	$	—	(a)
Futures Contracts		173			—			—		173
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(271	)		—		(271	)
Futures Contracts		(296	)		—			—		(296	)
Swaps		—			(519	)		—		(519	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(123	)	$	(790	)	$	—	$	(913	)

(a) Amount rounds to less than one thousand.

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.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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)	$	103,516	$	455,635	$	546,123	$	(5	)	$	5	$	13,028		13,022	$	10	$	—

(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 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 interest rate and 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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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 risk 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.

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.