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JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 90.1%
Aerospace & Defense — 2.2%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030(a)		885		947
Boeing Co. (The)
2.20%, 2/4/2026		1,167		1,164
3.20%, 3/1/2029		650		672
3.60%, 5/1/2034		243		251
3.25%, 2/1/2035		644		643
5.71%, 5/1/2040		140		179
3.38%, 6/15/2046		165		162
3.75%, 2/1/2050		130		135
3.83%, 3/1/2059		238		240
3.95%, 8/1/2059		668		697
Leidos, Inc.
2.30%, 2/15/2031		365		354
Raytheon Technologies Corp.
1.90%, 9/1/2031		485		465
2.38%, 3/15/2032		815		815
3.75%, 11/1/2046		460		521
3.03%, 3/15/2052		250		253

				7,498

Air Freight & Logistics — 0.1%
FedEx Corp. 3.25%, 5/15/2041		323		329

Airlines — 0.0%(b)
American Airlines Pass-Through Trust Series 2021-1, Class A Shares, 2.88%, 7/11/2034		155		150

Auto Components — 0.3%
Lear Corp.
2.60%, 1/15/2032		230		226
3.55%, 1/15/2052		685		676

				902

Automobiles — 0.9%
General Motors Co.
6.13%, 10/1/2025		526		607
5.15%, 4/1/2038		181		218
Hyundai Capital America
2.38%, 10/15/2027(a)		419		418
2.10%, 9/15/2028(a)		290		282
Nissan Motor Acceptance Co. LLC 1.85%, 9/16/2026(a)		365		354
Nissan Motor Co. Ltd. (Japan)
4.35%, 9/17/2027(a)		571		616
4.81%, 9/17/2030(a)		485		542

				3,037

Banks — 16.3%
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.54%, 6/16/2027(a)(c)		200		196
Banco Santander SA (Spain) 3.31%, 6/27/2029		1,800		1,928
Bank of America Corp.
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024(c)(d)(e)		456		483
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024(c)(d)(e)		209		227
Series L, 3.95%, 4/21/2025		1,548		1,662
(SOFR + 0.96%), 1.73%, 7/22/2027(c)		888		880
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028(c)		1,307		1,417
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028(c)		818		883
(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 2/7/2030(c)		577		638
(ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030(c)		295		305
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032(c)		755		763
(SOFR + 1.32%), 2.69%, 4/22/2032(c)		3,495		3,540
(SOFR + 1.22%), 2.30%, 7/21/2032(c)		830		814
(SOFR + 1.21%), 2.57%, 10/20/2032(c)		810		813
(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038(c)		16		19
(SOFR + 1.93%), 2.68%, 6/19/2041(c)		1,265		1,228
Bank of Ireland Group plc (Ireland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027(a)(c)		565		558
Bank of Nova Scotia (The) (Canada) Series 2, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.62%, 10/27/2081(c)		208		200
Barclays plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 11/24/2032(c)		215		216
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 3.33%, 11/24/2042(c)		240		243
BNP Paribas SA (France) (SOFR + 1.22%), 2.16%, 9/15/2029(a)(c)		980		963
Citigroup, Inc.
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025(c)(d)(e)		336		335

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)


Investments		Principal Amount ($000)		Value ($000)
4.30%, 11/20/2026			367		405
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028(c)			4,126		4,473
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028(c)			346		372
(SOFR + 1.42%), 2.98%, 11/5/2030(c)			859		893
(SOFR + 3.91%), 4.41%, 3/31/2031(c)			514		586
(SOFR + 2.11%), 2.57%, 6/3/2031(c)			595		598
(SOFR + 1.18%), 2.52%, 11/3/2032(c)			615		615
5.30%, 5/6/2044			32		42
Cooperatieve Rabobank UA (Netherlands) 3.75%, 7/21/2026			628		678
Credit Agricole SA (France) (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(a)(c)(d)(e)			840		989
Danske Bank A/S (Denmark) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.62%, 9/11/2026(a)(c)			613		606
HSBC Holdings plc (United Kingdom)
(SOFR + 1.93%), 2.10%, 6/4/2026(c)			1,262		1,270
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026(c)			1,180		1,278
(SOFR + 1.10%), 2.25%, 11/22/2027(c)			630		631
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028(c)			844		911
(SOFR + 1.29%), 2.21%, 8/17/2029(c)			690		675
(SOFR + 2.39%), 2.85%, 6/4/2031(c)			1,591		1,611
(SOFR + 1.19%), 2.80%, 5/24/2032(c)			200		200
(SOFR + 1.41%), 2.87%, 11/22/2032(c)			560		561
Intesa Sanpaolo SpA (Italy)
3.93%, 9/15/2026(f)	EUR		650		809
(EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027(c)(d)(e)(f)	EUR		400		539
Mizuho Financial Group, Inc. (Japan) 2.56%, 9/13/2031			625		616
National Australia Bank Ltd. (Australia) 2.99%, 5/21/2031(a)			500		503
NatWest Group plc (United Kingdom)
6.00%, 12/19/2023			1,008		1,100
5.13%, 5/28/2024			844		913
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.99%), 5.13%, 5/12/2027(c)(d)(e)	GBP		503		695
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027(c)			425		419
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.07%, 5/22/2028(c)			561		584
Nordea Bank Abp (Finland) (USD Swap Semi 5 Year + 1.69%), 4.62%, 9/13/2033(a)(c)			1,710		1,902
Santander UK Group Holdings plc (United Kingdom)
(SOFR + 0.99%), 1.67%, 6/14/2027(c)			570		559
(SOFR + 1.48%), 2.90%, 3/15/2032(c)			454		459
Societe Generale SA (France)
4.25%, 4/14/2025(a)			1,820		1,938
4.25%, 8/19/2026(a)			539		581
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030(a)(c)(d)(e)			285		298
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032(a)(c)			385		385
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026(a)(c)			1,285		1,319
SVB Financial Group Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.00%, 5/15/2026(c)(d)(e)			340		339
Truist Financial Corp. Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030(c)(d)(e)			737		821
UniCredit SpA (Italy)
(EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026(c)(d)(e)(f)	EUR		200		261
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027(a)(c)			368		359

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)


Investments		Principal Amount ($000)		Value ($000)
(EURIBOR ICE Swap Rate 5 Year + 4.08%), 3.88%, 6/3/2027(c)(d)(e)(f)	EUR		200		214
Wells Fargo & Co.
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026(c)(d)(e)			43		43
4.10%, 6/3/2026			736		803
4.30%, 7/22/2027			611		679
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028(c)			661		712
(SOFR + 2.10%), 2.39%, 6/2/2028(c)			810		821
(SOFR + 2.53%), 3.07%, 4/30/2041(c)			675		694
4.40%, 6/14/2046			111		133
Westpac Banking Corp. (Australia)
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031(c)			850		922
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.53%), 3.02%, 11/18/2036(c)			420		418

					56,543

Beverages — 2.1%
Anheuser-Busch Cos. LLC (Belgium) 4.70%, 2/1/2036			590		709
Anheuser-Busch InBev Finance, Inc. (Belgium)
4.70%, 2/1/2036			947		1,135
4.00%, 1/17/2043			304		342
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.38%, 4/15/2038			469		547
4.35%, 6/1/2040			672		790
4.60%, 4/15/2048			346		424
4.50%, 6/1/2050			393		486
Coca-Cola Co. (The)
2.50%, 6/1/2040			193		191
3.00%, 3/5/2051			348		371
Constellation Brands, Inc. 3.15%, 8/1/2029			545		575
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050			640		682
Pernod Ricard International Finance LLC 1.63%, 4/1/2031(a)			996		938

					7,190

Biotechnology — 2.4%
AbbVie, Inc.
3.20%, 11/21/2029			947		1,005
4.05%, 11/21/2039			657		752
4.40%, 11/6/2042			745		893
4.25%, 11/21/2049			993		1,194
Amgen, Inc.
2.00%, 1/15/2032			730		701
3.15%, 2/21/2040			780		793
Biogen, Inc. 3.15%, 5/1/2050			845		830
Gilead Sciences, Inc.
4.00%, 9/1/2036			355		406
2.60%, 10/1/2040			187		179
2.80%, 10/1/2050			746		725
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030			878		823

					8,301

Capital Markets — 6.9%
Credit Suisse Group AG (Switzerland)
(SOFR + 1.56%), 2.59%, 9/11/2025(a)(c)			2,113		2,162
(SOFR + 2.04%), 2.19%, 6/5/2026(a)(c)			786		793
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027(a)(c)(d)(e)			675		685
4.28%, 1/9/2028(a)			490		534
(SOFR + 1.73%), 3.09%, 5/14/2032(a)(c)			470		476
Deutsche Bank AG (Germany) (SOFR + 1.72%), 3.04%, 5/28/2032(c)			726		729
Goldman Sachs Group, Inc. (The)
Series U, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.65%, 8/10/2026(c)(d)(e)			490		471
(SOFR + 0.80%), 1.43%, 3/9/2027(c)			304		298
(SOFR + 0.91%), 1.95%, 10/21/2027(c)			425		424
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(c)			546		588
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029(c)			2,033		2,214
(SOFR + 1.28%), 2.62%, 4/22/2032(c)			393		394
(SOFR + 1.25%), 2.38%, 7/21/2032(c)			490		481
(SOFR + 1.26%), 2.65%, 10/21/2032(c)			1,545		1,549
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038(c)			679		775
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039(c)			419		500
Macquarie Bank Ltd. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.70%), 3.05%, 3/3/2036(a)(c)			210		207

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)


Investments		Principal Amount ($000)		Value ($000)
Macquarie Group Ltd. (Australia)
(SOFR + 1.00%), 1.94%, 4/14/2028(a)(c)			540		532
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028(a)(c)			35		38
(SOFR + 1.44%), 2.69%, 6/23/2032(a)(c)			450		448
Mellon Capital IV Series 1, (ICE LIBOR USD 3 Month + 0.57%), 4.00%, 12/30/2021(c)(d)(e)			285		282
Moody’s Corp. 2.55%, 8/18/2060			327		295
Morgan Stanley
Series M, (ICE LIBOR USD 3 Month + 4.44%), 5.87%, 9/15/2026(c)(d)(e)			751		847
(SOFR + 0.88%), 1.59%, 5/4/2027(c)			2,556		2,528
(SOFR + 0.86%), 1.51%, 7/20/2027(c)			1,270		1,246
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030(c)			844		962
(SOFR + 1.18%), 2.24%, 7/21/2032(c)			1,515		1,485
(SOFR + 1.20%), 2.51%, 10/20/2032(c)			700		702
(SOFR + 1.43%), 2.80%, 1/25/2052(c)			310		308
S&P Global, Inc. 2.30%, 8/15/2060			124		110
State Street Corp. Series F, (ICE LIBOR USD 3 Month + 3.60%), 3.71%, 3/15/2022(c)(d)(e)			281		282
UBS Group AG (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027(a)(c)			595		583

					23,928

Chemicals — 0.7%
CF Industries, Inc.
5.15%, 3/15/2034			503		603
4.95%, 6/1/2043			302		363
5.38%, 3/15/2044			420		531
INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026(a)			200		199
LYB International Finance III LLC 3.63%, 4/1/2051			428		457
Mosaic Co. (The) 4.05%, 11/15/2027			96		106
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029			275		284

					2,543

Commercial Services & Supplies — 0.1%
Prime Security Services Borrower LLC 3.38%, 8/31/2027(a)			300		284

Construction & Engineering — 0.3%
Heathrow Funding Ltd. (United Kingdom) 6.45%, 12/10/2031(f)	GBP		350		628
Manchester Airport Group Funding plc (United Kingdom) 2.88%, 9/30/2044(f)	GBP		200		270

					898

Consumer Finance — 2.4%
AerCap Ireland Capital DAC (Ireland)
1.75%, 1/30/2026			330		324
2.45%, 10/29/2026			240		241
3.65%, 7/21/2027			505		534
3.88%, 1/23/2028			150		160
3.00%, 10/29/2028			375		378
3.30%, 1/30/2032			565		568
Avolon Holdings Funding Ltd. (Ireland)
5.25%, 5/15/2024(a)			266		286
2.88%, 2/15/2025(a)			429		438
2.13%, 2/21/2026(a)			190		186
4.25%, 4/15/2026(a)			1,009		1,077
4.38%, 5/1/2026(a)			82		88
2.53%, 11/18/2027(a)			56		55
Ford Motor Credit Co. LLC
4.06%, 11/1/2024			200		209
3.38%, 11/13/2025			447		456
3.82%, 11/2/2027			630		651
General Motors Financial Co., Inc.
5.25%, 3/1/2026			282		317
3.85%, 1/5/2028			22		24
OneMain Finance Corp. 7.13%, 3/15/2026			250		281
Park Aerospace Holdings Ltd. (Ireland)
4.50%, 3/15/2023(a)			270		280
5.50%, 2/15/2024(a)			21		23
Volkswagen International Finance NV (Germany) (EUR Swap Annual 12 Year + 2.97%), 4.62%, 3/24/2026(c)(d)(e)(f)	EUR		1,350		1,708

					8,284

Containers & Packaging — 0.0%(b)
LABL, Inc. 6.75%, 7/15/2026(a)			160		164

Diversified Consumer Services — 0.3%
Pepperdine University Series 2020, 3.30%, 12/1/2059			50		54
Service Corp. International 3.38%, 8/15/2030			280		267

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Trustees of Boston University Series Ee, 3.17%, 10/1/2050		396		427
University of Chicago (The) Series 20B, 2.76%, 4/1/2045		127		132

				880

Diversified Financial Services — 0.4%
Shell International Finance BV (Netherlands)
2.88%, 11/26/2041		1,005		1,011
3.63%, 8/21/2042		250		276

				1,287

Diversified Telecommunication Services — 3.7%
AT&T, Inc.
2.55%, 12/1/2033		958		926
3.50%, 6/1/2041		1,506		1,547
3.10%, 2/1/2043		219		211
3.30%, 2/1/2052		135		132
3.50%, 9/15/2053		648		655
3.55%, 9/15/2055		1,616		1,624
CCO Holdings LLC
5.38%, 6/1/2029(a)		255		270
4.50%, 8/15/2030(a)		625		630
Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034		300		302
Telefonica Emisiones SA (Spain) 4.67%, 3/6/2038		1,298		1,509
Verizon Communications, Inc.
1.75%, 1/20/2031		616		583
2.55%, 3/21/2031		422		427
2.36%, 3/15/2032(a)		955		945
4.27%, 1/15/2036		1,364		1,603
2.65%, 11/20/2040		980		936
3.85%, 11/1/2042		10		11
2.88%, 11/20/2050		63		61
2.99%, 10/30/2056		492		473

				12,845

Electric Utilities — 7.3%
Alfa Desarrollo SpA (Chile) 4.55%, 9/27/2051(a)		200		189
Alliant Energy Finance LLC 4.25%, 6/15/2028(a)		226		252
American Transmission Systems, Inc. 2.65%, 1/15/2032(a)		600		606
Appalachian Power Co.
Series AA, 2.70%, 4/1/2031		372		379
6.38%, 4/1/2036		22		30
Baltimore Gas and Electric Co.
3.20%, 9/15/2049		187		198
2.90%, 6/15/2050		368		372
Commonwealth Edison Co. 3.70%, 3/1/2045		501		580
Duke Energy Carolinas LLC
4.25%, 12/15/2041		419		499
4.00%, 9/30/2042		610		712
Duke Energy Corp.
3.95%, 8/15/2047		325		361
3.50%, 6/15/2051		285		299
Duke Energy Florida LLC 2.40%, 12/15/2031		870		876
Duke Energy Indiana LLC 3.75%, 5/15/2046		275		317
Duke Energy Ohio, Inc. 4.30%, 2/1/2049		51		63
Duke Energy Progress LLC 2.90%, 8/15/2051		180		182
Duquesne Light Holdings, Inc.
3.62%, 8/1/2027(a)		224		239
2.53%, 10/1/2030(a)		215		212
2.78%, 1/7/2032(a)		280		279
Edison International
3.55%, 11/15/2024		38		40
4.95%, 4/15/2025		546		595
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.90%), 5.00%, 12/15/2026(c)(d)(e)		960		962
Emera US Finance LP (Canada)
2.64%, 6/15/2031(a)		317		316
4.75%, 6/15/2046		333		395
Emera, Inc. (Canada) Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076(c)		818		958
Enel Finance International NV (Italy) 2.25%, 7/12/2031(a)		205		200
Entergy Arkansas LLC 4.95%, 12/15/2044		153		168
Entergy Corp. 2.40%, 6/15/2031		558		551
Entergy Louisiana LLC
2.35%, 6/15/2032		517		514
4.95%, 1/15/2045		995		1,075
Entergy Mississippi LLC 3.50%, 6/1/2051		89		99
Entergy Texas, Inc.
1.50%, 9/1/2026		280		273
3.45%, 12/1/2027		71		75
4.00%, 3/30/2029		25		28
Evergy, Inc. 2.90%, 9/15/2029		91		95
FirstEnergy Transmission LLC 4.55%, 4/1/2049(a)		280		327
Florida Power & Light Co. 4.05%, 6/1/2042		44		53
ITC Holdings Corp. 2.95%, 5/14/2030(a)		844		870
Jersey Central Power & Light Co.
4.70%, 4/1/2024(a)		238		253
2.75%, 3/1/2032(a)		636		649
Louisville Gas and Electric Co. 4.65%, 11/15/2043		65		81
Metropolitan Edison Co. 4.00%, 4/15/2025(a)		46		49

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)


Investments		Principal Amount ($000)		Value ($000)
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028(a)			70		78
NextEra Energy Capital Holdings, Inc. (ICE LIBOR USD 3 Month + 2.13%), 2.24%, 6/15/2067(c)			765		708
NRG Energy, Inc. 5.75%, 1/15/2028			225		235
Ohio Power Co.
4.00%, 6/1/2049			19		23
Series R, 2.90%, 10/1/2051			410		404
Pacific Gas and Electric Co.
(SOFR + 1.15%), 1.20%, 11/14/2022(c)			150		150
1.70%, 11/15/2023			420		420
3.50%, 6/15/2025			207		214
4.50%, 7/1/2040			315		330
4.25%, 3/15/2046			297		304
3.95%, 12/1/2047			935		924
PacifiCorp
3.30%, 3/15/2051			712		759
2.90%, 6/15/2052			307		305
Pennsylvania Electric Co. 3.60%, 6/1/2029(a)			70		74
PPL Capital Funding, Inc. Series A, (ICE LIBOR USD 3 Month + 2.67%), 2.80%, 3/30/2067(c)			890		841
Public Service Co. of Oklahoma Series J, 2.20%, 8/15/2031			360		351
Southern California Edison Co.
Series B, 3.65%, 3/1/2028			54		58
Series 13-A, 3.90%, 3/15/2043			5		5
Series C, 3.60%, 2/1/2045			86		90
Series C, 4.13%, 3/1/2048			212		241
3.65%, 2/1/2050			564		606
Southwestern Electric Power Co. Series J, 3.90%, 4/1/2045			89		99
Union Electric Co. 2.95%, 3/15/2030			309		327
Virginia Electric and Power Co. 2.45%, 12/15/2050			673		633
Vistra Operations Co. LLC
3.55%, 7/15/2024(a)			465		482
3.70%, 1/30/2027(a)			428		447
4.30%, 7/15/2029(a)			758		812
Xcel Energy, Inc. 3.50%, 12/1/2049			216		237

					25,428

Electrical Equipment — 0.0%(b)
Rockwell Automation, Inc. 2.80%, 8/15/2061			160		160

Energy Equipment & Services — 0.0%(b)
Schlumberger Holdings Corp. 3.90%, 5/17/2028(a)			140		153

Entertainment — 1.3%
Activision Blizzard, Inc. 2.50%, 9/15/2050			1,180		1,028
Netflix, Inc.
3.63%, 5/15/2027	EUR		265		343
4.88%, 4/15/2028			1,542		1,743
3.88%, 11/15/2029(f)	EUR		500		678
Walt Disney Co. (The) 3.50%, 5/13/2040			254		280
WMG Acquisition Corp. 3.88%, 7/15/2030(a)			500		501

					4,573

Equity Real Estate Investment Trusts (REITs) — 2.6%
American Tower Corp.
2.75%, 1/15/2027			993		1,026
3.13%, 1/15/2027			309		324
Corporate Office Properties LP
2.00%, 1/15/2029			100		97
2.75%, 4/15/2031			124		124
Crown Castle International Corp.
3.65%, 9/1/2027			419		450
3.10%, 11/15/2029			336		349
2.90%, 4/1/2041			259		250
Essex Portfolio LP 2.65%, 9/1/2050			495		458
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(a)			32		35
Kimco Realty Corp. 2.25%, 12/1/2031			280		272
Life Storage LP 4.00%, 6/15/2029			460		506
MGM Growth Properties Operating Partnership LP 3.88%, 2/15/2029(a)			225		236
National Retail Properties, Inc. 3.00%, 4/15/2052			195		190
Office Properties Income Trust 2.65%, 6/15/2026			529		527
Physicians Realty LP 2.63%, 11/1/2031			410		410
Realty Income Corp. 3.40%, 1/15/2028			555		597
Regency Centers LP 2.95%, 9/15/2029			983		1,021
UDR, Inc. 3.00%, 8/15/2031			13		14
Ventas Realty LP 2.50%, 9/1/2031			430		425
WEA Finance LLC (France) 2.88%, 1/15/2027(a)			688		708
WP Carey, Inc.
2.40%, 2/1/2031			729		721
2.45%, 2/1/2032			110		109

					8,849

Food & Staples Retailing — 0.3%
7-Eleven, Inc. 2.80%, 2/10/2051(a)			565		529

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Sysco Corp. 3.30%, 2/15/2050		563		586

				1,115

Food Products — 0.9%
Bimbo Bakeries USA, Inc. (Mexico) 4.00%, 5/17/2051(a)		203		224
Grupo Bimbo SAB de CV (Mexico) 4.00%, 9/6/2049(a)		200		220
Kraft Heinz Foods Co.
3.75%, 4/1/2030		1,265		1,379
4.63%, 10/1/2039		375		438
Post Holdings, Inc. 4.63%, 4/15/2030(a)		345		341
Smithfield Foods, Inc. 3.00%, 10/15/2030(a)		504		506

				3,108

Gas Utilities — 0.0%(b)
Southern California Gas Co. 4.45%, 3/15/2044		25		30

Health Care Equipment & Supplies — 0.1%
Zimmer Biomet Holdings, Inc.
2.60%, 11/24/2031		230		231
4.45%, 8/15/2045		152		183

				414

Health Care Providers & Services — 3.8%
Aetna, Inc.
4.13%, 11/15/2042		178		203
4.75%, 3/15/2044		241		297
3.88%, 8/15/2047		162		183
Anthem, Inc.
4.63%, 5/15/2042		32		40
4.65%, 1/15/2043		336		420
Centene Corp. 3.38%, 2/15/2030		420		423
Cigna Corp.
3.20%, 3/15/2040		663		681
3.40%, 3/15/2050		57		60
3.40%, 3/15/2051		81		86
Cottage Health Obligated Group Series 2020, 3.30%, 11/1/2049		19		21
CVS Health Corp.
4.30%, 3/25/2028		258		291
1.75%, 8/21/2030		314		299
4.78%, 3/25/2038		480		585
2.70%, 8/21/2040		749		716
HCA, Inc.
5.88%, 2/15/2026		174		195
5.38%, 9/1/2026		326		364
4.50%, 2/15/2027		1,395		1,534
5.63%, 9/1/2028		989		1,143
5.88%, 2/1/2029		202		237
4.13%, 6/15/2029		490		539
2.38%, 7/15/2031		560		547
Humana, Inc. 2.15%, 2/3/2032		100		96
Memorial Health Services 3.45%, 11/1/2049		44		50
New York and Presbyterian Hospital (The) 2.26%, 8/1/2040		603		582
Texas Health Resources Series 2019, 3.37%, 11/15/2051		35		39
UnitedHealth Group, Inc.
2.30%, 5/15/2031		710		719
3.50%, 8/15/2039		993		1,092
2.75%, 5/15/2040		359		362
3.05%, 5/15/2041		190		198
3.25%, 5/15/2051		103		112
Universal Health Services, Inc.
2.65%, 10/15/2030(a)		915		887
2.65%, 1/15/2032(a)		130		129

				13,130

Hotels, Restaurants & Leisure — 0.3%
Marriott International, Inc.
Series X, 4.00%, 4/15/2028		331		360
Series AA, 4.65%, 12/1/2028		344		388
McDonald’s Corp. 3.63%, 9/1/2049		245		273

				1,021

Household Durables — 0.6%
Lennar Corp. 4.75%, 11/29/2027		753		856
MDC Holdings, Inc. 2.50%, 1/15/2031		1,338		1,288

				2,144

Independent Power and Renewable Electricity Producers — 0.6%
AES Corp. (The)
3.30%, 7/15/2025(a)		792		827
3.95%, 7/15/2030(a)		279		301
Exelon Generation Co. LLC 5.60%, 6/15/2042		380		458
Southern Power Co.
5.15%, 9/15/2041		29		36
Series F, 4.95%, 12/15/2046		438		540

				2,162

Industrial Conglomerates — 1.0%
GE Capital Funding LLC 4.40%, 5/15/2030		2,296		2,728
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		509		615

				3,343

Insurance — 0.9%
American International Group, Inc.
3.88%, 1/15/2035		479		534
4.80%, 7/10/2045		200		260
Berkshire Hathaway Finance Corp.
4.20%, 8/15/2048		114		141
2.85%, 10/15/2050		507		506
Guardian Life Insurance Co. of America (The)
4.88%, 6/19/2064(a)		140		185
3.70%, 1/22/2070(a)		145		158

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
MetLife, Inc. 4.13%, 8/13/2042		54		64
Nationwide Mutual Insurance Co. 4.35%, 4/30/2050(a)		290		337
New York Life Insurance Co.
3.75%, 5/15/2050(a)		335		386
4.45%, 5/15/2069(a)		225		295
Northwestern Mutual Life Insurance Co. (The) 3.85%, 9/30/2047(a)		80		93
Prudential Financial, Inc. 3.91%, 12/7/2047		10		12
Teachers Insurance & Annuity Association of America (ICE LIBOR USD 3 Month + 2.66%), 4.38%, 9/15/2054(a)(c)		280		293

				3,264

Internet & Direct Marketing Retail — 0.5%
Amazon.com, Inc.
3.88%, 8/22/2037		561		659
2.50%, 6/3/2050		462		442
3.10%, 5/12/2051		150		162
2.70%, 6/3/2060		327		319

				1,582

IT Services — 1.2%
Fiserv, Inc. 3.50%, 7/1/2029		209		223
Gartner, Inc. 3.75%, 10/1/2030(a)		190		190
Global Payments, Inc.
2.15%, 1/15/2027		1,560		1,560
3.20%, 8/15/2029		710		735
2.90%, 5/15/2030		475		481
2.90%, 11/15/2031		440		445
VeriSign, Inc. 2.70%, 6/15/2031		356		359
Visa, Inc. 2.70%, 4/15/2040		197		201

				4,194

Life Sciences Tools & Services — 0.0%(b)
Thermo Fisher Scientific, Inc. 2.00%, 10/15/2031		170		166

Media — 2.8%
Charter Communications Operating LLC
2.30%, 2/1/2032		396		374
6.38%, 10/23/2035		395		512
3.50%, 6/1/2041		752		736
3.50%, 3/1/2042		160		155
4.80%, 3/1/2050		271		305
3.70%, 4/1/2051		159		154
3.90%, 6/1/2052		606		612
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027(a)		255		258
Comcast Corp.
3.20%, 7/15/2036		362		387
3.75%, 4/1/2040		336		379
2.80%, 1/15/2051		350		338
2.45%, 8/15/2052		1,654		1,508
2.94%, 11/1/2056(a)		345		335
Cox Communications, Inc. 4.80%, 2/1/2035(a)		184		219
CSC Holdings LLC 7.50%, 4/1/2028(a)		200		212
Discovery Communications LLC
3.95%, 3/20/2028		1,151		1,256
4.13%, 5/15/2029		197		217
4.00%, 9/15/2055		145		155
iHeartCommunications, Inc. 5.25%, 8/15/2027(a)		250		254
Time Warner Cable LLC
5.88%, 11/15/2040		362		459
4.50%, 9/15/2042		89		98
ViacomCBS, Inc.
4.38%, 3/15/2043		19		22
4.60%, 1/15/2045		285		344
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(c)		271		307

				9,596

Metals & Mining — 2.3%
Arconic Corp. 6.13%, 2/15/2028(a)		300		312
Freeport-McMoRan, Inc.
4.13%, 3/1/2028		219		225
5.25%, 9/1/2029		1,035		1,118
5.40%, 11/14/2034		480		571
5.45%, 3/15/2043		590		727
Glencore Funding LLC (Australia)
4.00%, 3/27/2027(a)		913		983
3.88%, 10/27/2027(a)		460		494
2.50%, 9/1/2030(a)		172		167
2.63%, 9/23/2031(a)		406		394
Kaiser Aluminum Corp. 4.63%, 3/1/2028(a)		250		245
Rio Tinto Finance USA Ltd. (Australia) 2.75%, 11/2/2051		460		461
Teck Resources Ltd. (Canada)
5.20%, 3/1/2042		330		394
5.40%, 2/1/2043		467		575
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		1,359		1,360

				8,026

Multi-Utilities — 2.0%
Ameren Corp.
1.75%, 3/15/2028		371		360
3.50%, 1/15/2031		911		990
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051		311		302

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)


Investments		Principal Amount ($000)		Value ($000)
CenterPoint Energy, Inc.
Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023(c)(d)(e)			344		359
2.95%, 3/1/2030			342		353
2.65%, 6/1/2031			1,025		1,034
CMS Energy Corp.
2.95%, 2/15/2027			682		711
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050(c)			506		556
NiSource, Inc. 2.95%, 9/1/2029			558		578
PG&E Energy Recovery Funding LLC Series A-3, 2.82%, 7/15/2046			70		72
Puget Energy, Inc. 2.38%, 6/15/2028			400		396
San Diego Gas & Electric Co. 4.30%, 4/1/2042			54		64
Sempra Energy
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025(c)(d)(e)			522		552
Southern Co. Gas Capital Corp.
Series 20-A, 1.75%, 1/15/2031			443		414
Series 21A, 3.15%, 9/30/2051			140		141

					6,882

Oil, Gas & Consumable Fuels — 7.4%
BP Capital Markets America, Inc.
3.06%, 6/17/2041			165		166
2.77%, 11/10/2050			546		516
2.94%, 6/4/2051			41		40
BP Capital Markets plc (United Kingdom)
(EUR Swap Annual 5 Year + 4.12%), 3.63%, 3/22/2029(c)(d)(e)(f)	EUR		650		791
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030(c)(d)(e)			1,143		1,230
Buckeye Partners LP
4.50%, 3/1/2028(a)			125		121
5.60%, 10/15/2044			25		24
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025			254		283
5.13%, 6/30/2027			1,244		1,409
2.74%, 12/31/2039(a)			230		226
Cheniere Energy Partners LP 3.25%, 1/31/2032(a)			397		386
Chevron USA, Inc. 2.34%, 8/12/2050			296		274
Continental Resources, Inc.
2.88%, 4/1/2032(a)			81		78
4.90%, 6/1/2044			220		244
Devon Energy Corp. 4.50%, 1/15/2030(a)			1,159		1,245
Diamondback Energy, Inc.
3.25%, 12/1/2026			162		170
3.50%, 12/1/2029			572		600
Enbridge, Inc. (Canada) 3.13%, 11/15/2029			438		458
Energy Transfer LP
2.90%, 5/15/2025			368		380
4.00%, 10/1/2027			327		353
5.80%, 6/15/2038			810		984
5.15%, 2/1/2043			80		88
5.95%, 10/1/2043			225		275
5.30%, 4/1/2044			360		414
Enterprise Products Operating LLC 3.20%, 2/15/2052			340		333
Exxon Mobil Corp.
3.00%, 8/16/2039			715		736
3.10%, 8/16/2049			185		191
Flex Intermediate Holdco LLC 3.36%, 6/30/2031(a)			308		311
Gray Oak Pipeline LLC
2.00%, 9/15/2023(a)			260		263
3.45%, 10/15/2027(a)			159		166
Hess Corp. 5.60%, 2/15/2041			495		610
Kinder Morgan Energy Partners LP 4.70%, 11/1/2042			705		796
Kinder Morgan, Inc.
5.30%, 12/1/2034			70		85
3.25%, 8/1/2050			390		368
Lundin Energy Finance BV (Netherlands)
2.00%, 7/15/2026(a)			393		391
3.10%, 7/15/2031(a)			1,069		1,080
Marathon Petroleum Corp. 4.75%, 9/15/2044			21		25
MPLX LP
4.50%, 4/15/2038			401		445
4.70%, 4/15/2048			285		329
Ovintiv Exploration, Inc. 5.38%, 1/1/2026			800		882
Petroleos Mexicanos (Mexico) 6.50%, 3/13/2027			385		393
Phillips 66 2.15%, 12/15/2030			698		669
Plains All American Pipeline LP
4.50%, 12/15/2026			507		554
5.15%, 6/1/2042			238		264
4.30%, 1/31/2043			334		338
Sabine Pass Liquefaction LLC
5.00%, 3/15/2027			672		756
4.20%, 3/15/2028			1,395		1,531
Santos Finance Ltd. (Australia) 3.65%, 4/29/2031(a)			602		616
Targa Resources Partners LP
5.00%, 1/15/2028			30		31

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
4.88%, 2/1/2031		100		107
TotalEnergies Capital International SA (France)
2.99%, 6/29/2041		698		714
3.13%, 5/29/2050		105		108
TransCanada PipeLines Ltd. (Canada) 4.63%, 3/1/2034		858		1,008
Transcanada Trust (Canada)
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076(c)		486		528
(SOFR + 4.42%), 5.50%, 9/15/2079(c)		77		82
Williams Cos., Inc. (The) 4.90%, 1/15/2045		230		275

				25,740

Pharmaceuticals — 2.1%
AstraZeneca plc (United Kingdom) 2.13%, 8/6/2050		1,076		960
Bausch Health Cos., Inc. 5.75%, 8/15/2027(a)		525		535
Bristol-Myers Squibb Co.
2.35%, 11/13/2040		450		426
2.55%, 11/13/2050		1,202		1,144
Eli Lilly & Co. 2.25%, 5/15/2050		733		683
Pfizer, Inc.
2.70%, 5/28/2050		360		364
Royalty Pharma plc
2.15%, 9/2/2031		420		399
3.35%, 9/2/2051		405		394
Takeda Pharmaceutical Co. Ltd. (Japan)
5.00%, 11/26/2028		1,287		1,515
3.03%, 7/9/2040		200		203
Zoetis, Inc. 2.00%, 5/15/2030		501		493

				7,116

Real Estate Management & Development — 0.1%
Country Garden Holdings Co. Ltd. (China) 4.80%, 8/6/2030(f)		200		180
Longfor Group Holdings Ltd. (China) 4.50%, 1/16/2028(f)		200		210

				390

Road & Rail — 1.9%
Burlington Northern Santa Fe LLC
4.15%, 4/1/2045		390		476
3.90%, 8/1/2046		105		124
3.05%, 2/15/2051		209		216
2.88%, 6/15/2052		435		440
Canadian Pacific Railway Co. (Canada)
2.05%, 3/5/2030		820		812
2.45%, 12/2/2031		280		283
3.00%, 12/2/2041		70		71
3.10%, 12/2/2051		190		195
CSX Corp. 2.50%, 5/15/2051		992		921
Kansas City Southern
2.88%, 11/15/2029		215		226
4.95%, 8/15/2045		130		167
3.50%, 5/1/2050		350		381
Norfolk Southern Corp.
3.95%, 10/1/2042		98		113
3.05%, 5/15/2050		496		504
Triton Container International Ltd. (Bermuda) 1.15%, 6/7/2024(a)		155		153
Union Pacific Corp.
3.60%, 9/15/2037		661		744
4.38%, 9/10/2038		48		56
3.55%, 8/15/2039		511		572
4.30%, 6/15/2042		41		48

				6,502

Semiconductors & Semiconductor Equipment — 2.1%
Analog Devices, Inc. 2.95%, 10/1/2051		310		324
Broadcom Corp.
3.88%, 1/15/2027		268		289
3.50%, 1/15/2028		641		685
Broadcom, Inc.
4.11%, 9/15/2028		390		426
4.15%, 11/15/2030		74		81
2.45%, 2/15/2031(a)		1,050		1,010
Intel Corp. 3.05%, 8/12/2051		550		570
KLA Corp. 4.10%, 3/15/2029		620		705
NXP BV (China)
5.35%, 3/1/2026(a)		799		905
3.25%, 5/11/2041(a)		101		103
Qorvo, Inc. 4.38%, 10/15/2029		666		703
TSMC Arizona Corp. (Taiwan)
3.13%, 10/25/2041		348		365
3.25%, 10/25/2051		200		216
TSMC Global Ltd. (Taiwan) 2.25%, 4/23/2031(a)		555		554
Xilinx, Inc. 2.38%, 6/1/2030		283		289

				7,225

Software — 1.5%
Microsoft Corp.
3.70%, 8/8/2046		130		157
2.92%, 3/17/2052		220		235
2.68%, 6/1/2060		174		173
NCR Corp. 5.00%, 10/1/2028(a)		225		227
Oracle Corp.
3.80%, 11/15/2037		530		565
3.60%, 4/1/2040		1,177		1,220
3.60%, 4/1/2050		778		787

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)


Investments		Principal Amount ($000)		Value ($000)
salesforce.com, Inc. 2.90%, 7/15/2051			445		460
SS&C Technologies, Inc. 5.50%, 9/30/2027(a)			30		31
VMware, Inc.
4.65%, 5/15/2027			70		79
3.90%, 8/21/2027			391		425
4.70%, 5/15/2030			334		388
2.20%, 8/15/2031			355		346

					5,093

Specialty Retail — 0.6%
Home Depot, Inc. (The)
3.30%, 4/15/2040			376		407
2.38%, 3/15/2051			182		169
2.75%, 9/15/2051			630		634
Lowe’s Cos., Inc.
2.80%, 9/15/2041			360		352
3.70%, 4/15/2046			463		515
3.00%, 10/15/2050			113		114

					2,191

Technology Hardware, Storage & Peripherals — 1.8%
Apple, Inc.
2.38%, 2/8/2041			381		373
3.45%, 2/9/2045			1,031		1,156
2.65%, 2/8/2051			501		496
2.70%, 8/5/2051			335		335
2.80%, 2/8/2061			276		276
2.85%, 8/5/2061			305		307
Dell International LLC
6.02%, 6/15/2026			937		1,091
4.90%, 10/1/2026			1,141		1,288
5.30%, 10/1/2029			771		914

					6,236

Thrifts & Mortgage Finance — 1.3%
BPCE SA (France)
5.15%, 7/21/2024(a)			555		605
(SOFR + 1.52%), 1.65%, 10/6/2026(a)(c)			818		808
(SOFR + 1.09%), 2.05%, 10/19/2027(a)(c)			990		983
Nationwide Building Society (United Kingdom)
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.63%), 5.75%, 6/20/2027(c)(d)(e)(f)	GBP		410		584
(ICE LIBOR USD 3 Month + 1.45%), 4.30%, 3/8/2029(a)(c)			1,245		1,383

					4,363

Tobacco — 1.5%
Altria Group, Inc.
3.40%, 2/4/2041			606		561
3.88%, 9/16/2046			793		775
BAT Capital Corp. (United Kingdom)
4.70%, 4/2/2027			672		741
3.56%, 8/15/2027			1,471		1,540
4.39%, 8/15/2037			330		350
BAT International Finance plc (United Kingdom) 2.25%, 9/9/2052(f)	GBP		600		593
Philip Morris International, Inc.
4.38%, 11/15/2041			327		375
3.88%, 8/21/2042			170		186
4.13%, 3/4/2043			108		120

					5,241

Trading Companies & Distributors — 0.6%
AerCap Holdings NV (Ireland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.87%, 10/10/2079(c)			360		369
Air Lease Corp.
2.88%, 1/15/2026			400		411
3.63%, 12/1/2027			60		63
3.00%, 2/1/2030			6		6
Aviation Capital Group LLC
5.50%, 12/15/2024(a)			279		307
1.95%, 1/30/2026(a)			298		292
1.95%, 9/20/2026(a)			530		519

					1,967

Transportation Infrastructure — 0.2%
Autostrade per l’Italia SpA (Italy)
1.88%, 11/4/2025(f)	EUR		166		194
1.88%, 9/26/2029(f)	EUR		393		460

					654

Wireless Telecommunication Services — 1.4%
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049			241		253
T-Mobile USA, Inc.
3.75%, 4/15/2027			1,820		1,957
3.38%, 4/15/2029(a)			850		855
3.88%, 4/15/2030			974		1,059
Vodafone Group plc (United Kingdom)
4.38%, 2/19/2043			108		127
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079(c)			549		660

					4,911

TOTAL CORPORATE BONDS (Cost $306,261)					312,032

LOAN ASSIGNMENTS — 6.5%(g)
Beverages — 0.2%
Triton Water Holdings, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 3/31/2028(c)			648		645

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Chemicals — 0.2%
Gates Global LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 3.25%, 3/31/2027(c)		618		612

Commercial Services & Supplies — 0.4%
Madison IAQ LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 6/21/2028(c)		274		272
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(c)		995		989

				1,261

Containers & Packaging — 0.2%
Graham Packaging, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 8/4/2027(c)		746		740
LABL, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.50%, 10/29/2028(c)(h)		116		115

				855

Diversified Consumer Services — 0.3%
Conservice LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.38%, 5/13/2027(c)		496		493
Spin Holdco, Inc., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 3/4/2028(c)		597		596

				1,089

Diversified Financial Services — 0.0%(b)
Sabre Holdings Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 12/17/2027(c)		105		103

Electric Utilities — 0.4%
Astoria Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 12/10/2027(c)		639		637
Exelon Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.50%, 12/15/2027(c)		630		629

				1,266

Electrical Equipment — 0.4%
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 8/1/2025(c)		593		585
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 3/2/2027(c)		742		735

				1,320

Health Care Providers & Services — 0.7%
ICON Luxembourg SARL, 1st Lien Term Loan B (Luxembourg) (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 7/3/2028(c)		140		139
ICON Luxembourg SARL, 1st Lien Term Loan B (Ireland) (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 7/3/2028(c)		35		35
PCI Pharma Services, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 11/30/2027(c)		647		644
Pearl Intermediate Parent LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 2/14/2025(c)		594		593
WIRB-Copernicus Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 4.00%), 5.00%, 1/8/2027(c)		742		742

				2,153

Hotels, Restaurants & Leisure — 0.8%
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 12/15/2027(c)		643		640
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 8/14/2024(c)		619		614
UFC Holdings LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 3 Month + 2.75%), 3.50%, 4/29/2026(c)		758		746
Whataburger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 8/3/2028(c)		550		546

				2,546

Insurance — 0.1%
Asurion LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 7/31/2027(c)		473		466

Internet & Direct Marketing Retail — 0.2%
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 10/10/2025(c)(h)		784		778

IT Services — 0.2%
Ancestry.com, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 12/6/2027(c)		592		586

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Life Sciences Tools & Services — 0.1%
Avantor Funding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.75%, 11/8/2027(c)		426		424

Machinery — 0.1%
Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027(c)		511		510

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%), 3.63%, 8/21/2026(c)		566		552
iHeartCommunications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 5/1/2026(c)		557		550

				1,102

Personal Products — 0.2%
Nestle Skin Health, Term Loan B (Luxembourg) (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 10/1/2026(c)		748		745

Road & Rail — 0.3%
Genesee & Wyoming, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 2.13%, 12/30/2026(c)		494		489
Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 6/30/2028(c)		399		398
Hertz Corp. (The), 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 6/30/2028(c)		75		75

				962

Semiconductors & Semiconductor Equipment — 0.1%
Synaptics, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 2.75%, 10/20/2028(c)(h)		325		323

Software — 0.6%
Ascend Learning LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024(c)		644		644
Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/1/2027(c)		743		740
Ultimate Software Group, Inc. (The), 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 5/4/2026(c)		693		689

				2,073

Specialty Retail — 0.4%
Leslie’s Poolmart, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 3/9/2028(c)		796		791
Petco Health and Wellness Co., Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 3/3/2028(c)		697		692

				1,483

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(c)		347		342

Wireless Telecommunication Services — 0.2%
CCI Buyer, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/17/2027(c)		746		744

TOTAL LOAN ASSIGNMENTS (Cost $22,544)				22,388

ASSET-BACKED SECURITIES — 0.4%
Air Canada Pass-Through Trust (Canada)
Series 2020-2, Class B, 9.00%, 10/1/2025(a)		206		229
Series 2017-1, Class AA, 3.30%, 1/15/2030(a)		41		42
American Airlines Pass-Through Trust
Series 2016-1, Class A, 4.10%, 1/15/2028		168		168
Series 2021-1, Class B, 3.95%, 7/11/2030		80		81
British Airways Pass-Through Trust (United Kingdom) Series 2019-1, Class AA, 3.30%, 12/15/2032(a)		18		19
Delta Air Lines Pass-Through Trust Series 2019-1, Class AA, 3.20%, 4/25/2024		25		26
JetBlue Pass-Through Trust Series 2019-1, Class B, 8.00%, 11/15/2027		406		469
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025		212		223
Series 2019-1, Class AA, 4.15%, 8/25/2031		33		36

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series 2019-2, Class AA, 2.70%, 5/1/2032		18		18

TOTAL ASSET-BACKED SECURITIES (Cost $1,318)				1,311

FOREIGN GOVERNMENT SECURITIES — 0.2%
Republic of Colombia (Colombia) 3.88%, 2/15/2061(Cost $550)		685		521

MUNICIPAL BONDS — 0.1%(i)
Colorado — 0.1%
Colorado Health Facilities Authority, Sanford Health Series 2019B, Rev., 3.80%, 11/1/2044 (Cost $327)		320		365

COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%
AerCap Ireland Capital DAC (Ireland) 3.85%, 10/29/2041(Cost $150)		150		155


	Shares (000)
SHORT-TERM INVESTMENTS — 2.7%
INVESTMENT COMPANIES — 2.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(j)(k)(Cost $6,911)		6,908		6,910


	Principal Amount ($000)
U.S. TREASURY OBLIGATIONS — 0.7%
U.S. Treasury Bills
0.06%, 12/2/2021(l)(m)		1,259		1,259
0.05%, 2/24/2022(l)(m)		1,192		1,192

TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,451)				2,451

TOTAL SHORT-TERM INVESTMENTS (Cost $9,362)				9,361

Total Investments — 100.0% (Cost $340,512)				346,133
Liabilities in Excess of Other Assets — 0.0%(b)				(57	)

Net Assets — 100.0%				346,076

Percentages indicated are based on net assets.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 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)	Amount rounds to less than 0.1% of net assets.

(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2021.

(d)

Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2021.

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

(f)

Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(g)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

(h)	All or a portion of this security is unsettled as of November 30, 2021. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

(i)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

(j)	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.

(k)	The rate shown is the current yield as of November 30, 2021.

(l)	The rate shown is the effective yield as of November 30, 2021.

(m)	All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Futures contracts outstanding as of November 30, 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
Australia 10 Year Bond		3			12/2021		AUD		298			(7	)
Euro-Bund		9			12/2021		EUR		1,759			36
Euro-Buxl 30 Year Bond		1			12/2021		EUR		248			17
Canada 10 Year Bond		2			03/2022		CAD		221			2
U.S. Treasury 2 Year Note		93			03/2022		USD		20,331			20
U.S. Treasury 5 Year Note		3			03/2022		USD		364			1
U.S. Treasury Long Bond		97			03/2022		USD		15,729			242
U.S. Treasury Ultra Bond		57			03/2022		USD		11,423			308

												619

Short Contracts
Euro-Bobl		(14	)		12/2021		EUR		(2,151	)		5
Euro-BTP		(24	)		12/2021		EUR		(4,126	)		(35	)
Euro-OAT		(2	)		12/2021		EUR		(382	)		1
Euro-Schatz		(5	)		12/2021		EUR		(637	)		(1	)
Canada 5 Year Bond		(5	)		03/2022		CAD		(476	)		(1	)
Long Gilt		(20	)		03/2022		GBP		(3,359	)		(27	)
U.S. Treasury 2 Year Note		(115	)		03/2022		USD		(25,140	)		(34	)
U.S. Treasury 5 Year Note		(39	)		03/2022		USD		(4,733	)		(25	)
U.S. Treasury 10 Year Note		(31	)		03/2022		USD		(4,054	)		(1	)
U.S. Treasury 10 Year Ultra Note		(204	)		03/2022		USD		(29,979	)		(432	)

												(550	)

												69


Abbreviations

AUD		Australian Dollar
CAD		Canadian Dollar
EUR		Euro
GBP		British Pound
USD		United States Dollar

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Forward foreign currency exchange contracts outstanding as of November 30, 2021 (amounts in thousands):


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation) ($)
AUD	359	USD	256	Standard Chartered Bank	12/3/2021		—	(a)
EUR	23	USD	26	Royal Bank of Canada	12/3/2021		—	(a)
USD	468	AUD	621	Goldman Sachs International	12/3/2021		25
USD	4,799	EUR	4,116	BNP Paribas	12/3/2021		131
USD	3,686	EUR	3,158	Goldman Sachs International	12/3/2021		104
USD	4,622	GBP	3,358	BNP Paribas	12/3/2021		157
USD	89	GBP	66	State Street Corp.	12/3/2021		2
USD	236	EUR	207	Barclays Bank plc	1/5/2022		1
USD	1,578	EUR	1,387	Goldman Sachs International	1/5/2022		3
USD	1,069	EUR	939	HSBC Bank, NA	1/5/2022		2
USD	3,362	EUR	2,955	TD Bank Financial Group	1/5/2022		6
USD	3,673	GBP	2,747	Goldman Sachs International	1/5/2022		17
USD	46	GBP	34	State Street Corp.	1/5/2022		—	(a)

Total unrealized appreciation							448

AUD	262	USD	190	Goldman Sachs International	12/3/2021		(3	)
EUR	207	USD	235	Barclays Bank plc	12/3/2021		(1	)
EUR	926	USD	1,073	BNP Paribas	12/3/2021		(24	)
EUR	1,387	USD	1,576	Goldman Sachs International	12/3/2021		(3	)
EUR	939	USD	1,067	HSBC Bank, NA	12/3/2021		(2	)
EUR	838	USD	973	Standard Chartered Bank	12/3/2021		(22	)
EUR	2,955	USD	3,357	TD Bank Financial Group	12/3/2021		(6	)
GBP	27	USD	37	BNP Paribas	12/3/2021		(1	)
GBP	2,747	USD	3,670	Goldman Sachs International	12/3/2021		(17	)
GBP	649	USD	896	Royal Bank of Canada	12/3/2021		(32	)
GBP	735	USD	983	State Street Corp.	1/5/2022		(4	)
USD	256	AUD	359	Standard Chartered Bank	1/5/2022		—	(a)

Total unrealized depreciation							(115	)

Net unrealized appreciation							333


Abbreviations

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Centrally Cleared Credit default swap contracts outstanding - buy protection^(a) as of November 30, 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

0.53

USD 17,900

(335

)

(76

)

(411

)

(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).


Abbreviations

CDX		Credit Default Swap Index
USD		United States Dollar

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 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.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values 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	$	—		$	1,311		$	—	$	1,311
Collateralized Mortgage Obligations		—			155			—		155
Corporate Bonds		—			312,032			—		312,032
Foreign Government Securities		—			521			—		521
Loan Assignments		—			22,388			—		22,388
Municipal Bonds		—			365			—		365
Short-Term Investments
Investment Companies		6,910			—			—		6,910
U.S. Treasury Obligations		—			2,451			—		2,451

Total Short-Term Investments		6,910			2,451			—		9,361

Total Investments in Securities	$	6,910		$	339,223		$	—	$	346,133

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	448		$	—	$	448
Futures Contracts		632			—			—		632
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(115	)		—		(115	)
Futures Contracts		(563	)		—			—		(563	)
Swaps		—			(76	)		—		(76	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	69		$	257		$	—	$	326

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 purchases at cost amount in the table below.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)


For the period ended November 30, 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 November 30, 2021		Shares at November 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b)	$	103,516	$	570,533	$	667,137	$	(6	)	$	4	$	6,910		6,908	$	12	$	—

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

(b)	The rate shown is the current yield as of November 30, 2021.

C. Derivatives — The Fund used derivative instruments including options, 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 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 NOVEMBER 30, 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.