JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 40.0%
Aerospace & Defense — 0.6%
Boeing Co. (The)
4.88%, 5/1/2025		21,520		23,585
2.20%, 2/4/2026		13,285		13,258
Bombardier, Inc. (Canada) 6.00%, 2/15/2028(a)		1,000		993
BWX Technologies, Inc.
4.13%, 6/30/2028(a)		1,116		1,116
4.13%, 4/15/2029(a)		1,620		1,619
Howmet Aerospace, Inc.
5.13%, 10/1/2024		930		995
6.88%, 5/1/2025		39		45
5.90%, 2/1/2027		1,175		1,320
3.00%, 1/15/2029		899		863
Moog, Inc. 4.25%, 12/15/2027(a)		1,860		1,889
Rolls-Royce plc (United Kingdom) 5.75%, 10/15/2027(a)		1,282		1,412
Spirit AeroSystems, Inc. 7.50%, 4/15/2025(a)		1,785		1,868
TransDigm, Inc. 6.25%, 3/15/2026(a)		5,080		5,271
Triumph Group, Inc.
8.88%, 6/1/2024(a)		1,831		2,004
6.25%, 9/15/2024(a)		500		502
7.75%, 8/15/2025		385		383
				57,123
Airlines — 0.1%
American Airlines, Inc.
5.50%, 4/20/2026(a)		3,225		3,293
5.75%, 4/20/2029(a)		2,329		2,429
Delta Air Lines, Inc.
4.50%, 10/20/2025(a)		328		344
4.75%, 10/20/2028(a)		2,180		2,389
United Airlines Holdings, Inc.
5.00%, 2/1/2024		200		205
4.88%, 1/15/2025		465		471
United Airlines, Inc.
4.38%, 4/15/2026(a)		1,886		1,894
				11,025
Auto Components — 0.3%
Adient Global Holdings Ltd. 4.88%, 8/15/2026(a)		3,265		3,269
Adient US LLC 9.00%, 4/15/2025(a)		450		477
Allison Transmission, Inc.
4.75%, 10/1/2027(a)		500		516
5.88%, 6/1/2029(a)		1,730		1,849
3.75%, 1/30/2031(a)		1,352		1,292
American Axle & Manufacturing, Inc.
6.25%, 3/15/2026		454		464
6.50%, 4/1/2027		2,745		2,847
5.00%, 10/1/2029		1,810		1,717
Clarios Global LP
6.75%, 5/15/2025(a)		1,600		1,670
6.25%, 5/15/2026(a)		2,422		2,517
Dana, Inc. 5.63%, 6/15/2028		1,220		1,284
Goodyear Tire & Rubber Co. (The)
5.00%, 7/15/2029(a)		4,380		4,572
5.25%, 4/30/2031		1,909		2,013
5.25%, 7/15/2031(a)		530		553
Icahn Enterprises LP
6.75%, 2/1/2024		365		366
4.75%, 9/15/2024		835		845
6.25%, 5/15/2026		620		637
5.25%, 5/15/2027		1,355		1,375
				28,263
Automobiles — 1.4%
BMW US Capital LLC (Germany) 3.80%, 4/6/2023(a)		13,805		14,367
Daimler Finance North America LLC (Germany)
3.40%, 2/22/2022(a)		10,540		10,610
2.55%, 8/15/2022(a)		5,710		5,789
3.35%, 2/22/2023(a)		150		155
1.75%, 3/10/2023(a)		4,960		5,018
Hyundai Capital America
3.00%, 6/20/2022(a)		4,680		4,732
2.85%, 11/1/2022(a)		13,345		13,597
2.38%, 2/10/2023(a)		4,375		4,447
5.75%, 4/6/2023(a)		6,455		6,852
1.80%, 10/15/2025(a)		6,110		6,101
1.30%, 1/8/2026(a)		3,280		3,192
3.00%, 2/10/2027(a)		4,606		4,797
Nissan Motor Acceptance Co. LLC 1.85%, 9/16/2026(a)		9,385		9,112
Nissan Motor Co. Ltd. (Japan)
3.52%, 9/17/2025(a)		13,105		13,737
4.35%, 9/17/2027(a)		7,500		8,081
Stellantis Finance US, Inc. 1.71%, 1/29/2027(a)		12,150		11,920
Volkswagen Group of America Finance LLC (Germany)
2.90%, 5/13/2022(a)		3,355		3,389
2.70%, 9/26/2022(a)		7,290		7,408
4.25%, 11/13/2023(a)		1,605		1,702
3.35%, 5/13/2025(a)		5,465		5,764
				140,770
Banks — 11.5%
ABN AMRO Bank NV (Netherlands)
4.75%, 7/28/2025(a)		16,158		17,658
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.54%, 6/16/2027(a)(b)		3,500		3,438
AIB Group plc (Ireland)
4.75%, 10/12/2023(a)		7,200		7,653
(ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025(a)(b)		1,520		1,609
ANZ New Zealand Int’l Ltd. (New Zealand) 3.40%, 3/19/2024(a)		560		590

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
ASB Bank Ltd. (New Zealand) 3.75%, 6/14/2023(a)		1,750		1,830
Australia & New Zealand Banking Group Ltd. (Australia)
4.40%, 5/19/2026(a)		9,310		10,206
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.29%), 2.95%, 7/22/2030(a)(b)		27,660		28,402
Banco Bilbao Vizcaya Argentaria SA (Spain) 1.13%, 9/18/2025		17,400		17,059
Banco Continental SAECA (Paraguay) 2.75%, 12/10/2025(a)		3,600		3,555
Banco Santander SA (Spain)
3.50%, 4/11/2022		7,000		7,071
3.85%, 4/12/2023		6,000		6,230
2.71%, 6/27/2024		11,800		12,234
2.75%, 5/28/2025		3,200		3,310
5.18%, 11/19/2025		5,400		6,021
1.85%, 3/25/2026		6,400		6,379
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027(b)		14,400		14,131
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(b)		4,820		4,836
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023(b)		6,000		6,052
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(b)		9,280		9,489
(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026(b)		7,825		7,928
(SOFR + 0.96%), 1.73%, 7/22/2027(b)		11,829		11,722
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)(b)		18,735		18,498
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024(a)		5,190		5,470
Banque Centrale de Tunisie International Bond (Tunisia) 5.75%, 1/30/2025(c)		1,933		1,455
Banque Federative du Credit Mutuel SA (France) 3.75%, 7/20/2023(a)		15,790		16,543
Barclays plc (United Kingdom)
3.68%, 1/10/2023		11,858		11,895
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023(b)		6,115		6,162
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024(b)		10,460		10,390
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.28%, 11/24/2027(b)		27,945		27,979
BBVA USA 2.88%, 6/29/2022		4,000		4,048
BNP Paribas SA (France)
3.38%, 1/9/2025(a)		8,080		8,518
4.38%, 9/28/2025(a)		8,158		8,855
(ICE LIBOR USD 3 Month + 1.11%), 2.82%, 11/19/2025(a)(b)		7,170		7,400
(SOFR + 2.07%), 2.22%, 6/9/2026(a)(b)		4,800		4,873
4.63%, 3/13/2027(a)		7,060		7,834
BNZ International Funding Ltd. (New Zealand) 2.90%, 2/21/2022(a)		750		754
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023(b)		15,825		16,014
3.10%, 4/2/2024		6,786		7,103
Capital One Bank USA NA (SOFR + 0.62%), 2.01%, 1/27/2023(b)		7,490		7,504
Capital One NA 2.15%, 9/6/2022		2,040		2,062
CIT Group, Inc.
5.00%, 8/1/2023		225		237
4.75%, 2/16/2024		835		881
6.13%, 3/9/2028		2,385		2,815
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023(b)		6,130		6,152
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(b)		12,210		12,375
(SOFR + 0.67%), 0.98%, 5/1/2025(b)		9,185		9,124
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(b)(d)(e)		680		723
(SOFR + 2.84%), 3.11%, 4/8/2026(b)		12,730		13,345
(SOFR + 0.77%), 1.12%, 1/28/2027(b)		8,730		8,476
Credit Agricole SA (France)
4.38%, 3/17/2025(a)		31,035		33,462
(SOFR + 1.68%), 1.91%, 6/16/2026(a)(b)		19,033		19,119
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 3.80%, 9/15/2022		5,000		5,123
Danske Bank A/S (Denmark) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.62%, 9/11/2026(a)(b)		12,715		12,578

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Fifth Third Bancorp 2.60%, 6/15/2022		100		101
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023(b)		4,435		4,466
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023(b)		5,130		5,235
4.25%, 3/14/2024		7,150		7,583
(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025(b)		4,000		4,212
(SOFR + 1.40%), 2.63%, 11/7/2025(b)		2,730		2,805
(SOFR + 1.54%), 1.64%, 4/18/2026(b)		16,255		16,180
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026(b)		13,295		14,398
(SOFR + 1.10%), 2.25%, 11/22/2027(b)		24,980		25,038
Huntington Bancshares, Inc. 2.30%, 1/14/2022		289		289
ING Groep NV (Netherlands)
4.10%, 10/2/2023		7,455		7,872
3.55%, 4/9/2024		475		501
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.40%, 7/1/2026(a)(b)		7,310		7,242
(SOFR + 1.01%), 1.73%, 4/1/2027(b)		6,355		6,329
Lloyds Bank plc (United Kingdom) 2.25%, 8/14/2022		1,890		1,913
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.25%), 2.86%, 3/17/2023(b)		12,345		12,420
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.33%, 6/15/2023(b)		4,545		4,557
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023(b)		9,830		10,009
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 3.87%, 7/9/2025(b)		5,605		5,952
4.58%, 12/10/2025		10,000		10,968
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026(b)		4,130		4,242
4.65%, 3/24/2026		15,000		16,558
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.46%, 3/2/2023		4,000		4,135
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 0.85%, 9/15/2024(b)		15,615		15,574
2.19%, 2/25/2025		8,175		8,383
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027(b)		21,845		21,527
Mizuho Financial Group Cayman 3 Ltd. (Japan) 4.60%, 3/27/2024(a)		36,910		39,383
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023(b)		6,040		6,113
(SOFR + 1.25%), 1.24%, 7/10/2024(b)		15,000		15,063
(SOFR + 0.87%), 0.85%, 9/8/2024(b)		5,665		5,648
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027(b)		14,165		13,753
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.55%, 7/9/2027(b)		9,600		9,438
MUFG Union Bank NA 3.15%, 4/1/2022		700		705
NatWest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(b)		9,370		9,481
3.88%, 9/12/2023		17,930		18,743
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024(b)		8,555		9,003
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027(b)		12,030		11,850
Santander UK Group Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.08%), 3.37%, 1/5/2024(b)		10,000		10,258
(ICE LIBOR USD 3 Month + 1.57%), 4.80%, 11/15/2024(b)		13,415		14,342
(SOFR + 0.79%), 1.09%, 3/15/2025(b)		11,070		10,972
4.75%, 9/15/2025(a)		25,067		27,391
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026(b)		9,295		9,176
Societe Generale SA (France)
3.25%, 1/12/2022(a)		6,400		6,420
5.00%, 1/17/2024(a)		7,592		8,103
2.63%, 10/16/2024(a)		10,975		11,304
2.63%, 1/22/2025(a)		5,515		5,670
4.25%, 4/14/2025(a)		15,794		16,824
4.25%, 8/19/2026(a)		5,000		5,388
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026(a)(b)		7,480		7,310

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027(a)(b)		14,215		13,955
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023(a)(b)		20,555		20,650
5.20%, 1/26/2024(a)		5,277		5,647
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026(a)(b)		3,475		3,568
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027(a)(b)		6,870		6,671
(USD ICE Swap Rate 5 Year + 1.97%), 4.87%, 3/15/2033(a)(b)		6,000		6,543
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.78%, 10/18/2022		65		66
4.44%, 4/2/2024(a)		26,630		28,397
1.47%, 7/8/2025		19,345		19,304
UniCredit SpA (Italy)
3.75%, 4/12/2022(a)		13,900		14,052
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 2.57%, 9/22/2026(a)(b)		14,430		14,472
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027(a)(b)		5,410		5,280
Wells Fargo & Co.
3.75%, 1/24/2024		2,400		2,529
(SOFR + 1.09%), 2.41%, 10/30/2025(b)		2,600		2,670
(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026(b)		5,080		5,184
(SOFR + 2.00%), 2.19%, 4/30/2026(b)		7,150		7,300
Westpac Banking Corp. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030(b)		17,920		18,343
				1,150,628
Beverages — 0.1%
Constellation Brands, Inc. 4.25%, 5/1/2023		7,640		7,999
Keurig Dr Pepper, Inc. 4.06%, 5/25/2023		2,764		2,887
				10,886
Biotechnology — 0.2%
AbbVie, Inc.
3.45%, 3/15/2022		300		301
2.60%, 11/21/2024		17,445		18,083
Emergent BioSolutions, Inc. 3.88%, 8/15/2028(a)		3,150		2,992
Grifols Escrow Issuer SA (Spain) 4.75%, 10/15/2028(a)		2,625		2,599
				23,975
Building Products — 0.2%
Builders FirstSource, Inc.
6.75%, 6/1/2027(a)		761		801
4.25%, 2/1/2032(a)		1,553		1,560
Griffon Corp. 5.75%, 3/1/2028		3,160		3,257
JELD-WEN, Inc. 4.88%, 12/15/2027(a)		1,700		1,738
PGT Innovations, Inc. 4.38%, 10/1/2029(a)		3,085		3,058
St Marys Cement, Inc. Canada (Brazil) 5.75%, 1/28/2027(c)		4,400		4,900
Standard Industries, Inc.
5.00%, 2/15/2027(a)		500		513
4.75%, 1/15/2028(a)		3,305		3,329
3.38%, 1/15/2031(a)		1,468		1,352
Summit Materials LLC 5.25%, 1/15/2029(a)		2,790		2,904
				23,412
Capital Markets — 3.4%
Coinbase Global, Inc.
3.38%, 10/1/2028(a)		456		429
3.63%, 10/1/2031(a)		456		423
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023(a)		17,750		17,798
3.80%, 6/9/2023		1,000		1,042
(ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024(a)(b)		250		261
(SOFR + 1.56%), 2.59%, 9/11/2025(a)(b)		15,000		15,338
(SOFR + 2.04%), 2.19%, 6/5/2026(a)(b)		6,840		6,904
(SOFR + 0.98%), 1.31%, 2/2/2027(a)(b)		14,765		14,292
Deutsche Bank AG (Germany)
Series D, 5.00%, 2/14/2022		4,950		4,994
3.95%, 2/27/2023		2,020		2,090
(SOFR + 2.16%), 2.22%, 9/18/2024(b)		11,880		12,049
(SOFR + 1.87%), 2.13%, 11/24/2026(b)		5,250		5,263
(SOFR + 1.22%), 2.31%, 11/16/2027(b)		20,850		20,814
Goldman Sachs Group, Inc. (The)
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(b)(d)(e)		755		747
0.52%, 3/8/2023		5,000		4,984
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(b)		1,995		2,016
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023(b)		18,190		18,426

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series VAR, (SOFR + 0.54%), 0.63%, 11/17/2023(b)		15,000		14,961
(SOFR + 0.57%), 0.67%, 3/8/2024(b)		13,325		13,276
3.50%, 4/1/2025		7,750		8,218
(SOFR + 0.91%), 1.95%, 10/21/2027(b)		10,610		10,585
LPL Holdings, Inc. 4.00%, 3/15/2029(a)		955		959
Macquarie Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023(a)(b)		5,005		5,123
(SOFR + 1.07%), 1.34%, 1/12/2027(a)(b)		5,680		5,556
(SOFR + 0.91%), 1.63%, 9/23/2027(a)(b)		10,310		10,132
Morgan Stanley
4.88%, 11/1/2022		14,000		14,529
(SOFR + 0.62%), 0.73%, 4/5/2024(b)		17,970		17,924
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024(b)		1,885		1,956
(SOFR + 1.99%), 2.19%, 4/28/2026(b)		7,750		7,907
(SOFR + 0.86%), 1.51%, 7/20/2027(b)		18,405		18,053
MSCI, Inc. 3.63%, 9/1/2030(a)		98		99
Nomura Holdings, Inc. (Japan)
1.85%, 7/16/2025		19,235		19,319
1.65%, 7/14/2026		17,065		16,789
UBS Group AG (Switzerland)
3.49%, 5/23/2023(a)		4,054		4,107
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023(a)(b)		9,415		9,551
4.13%, 9/24/2025(a)		7,852		8,551
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027(a)(b)		2,865		2,806
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.49%, 8/10/2027(a)(b)		13,560		13,263
				331,534
Chemicals — 0.6%
Alpek SAB de CV (Mexico) 4.25%, 9/18/2029(c)		4,100		4,302
Axalta Coating Systems LLC
4.75%, 6/15/2027(a)		3,425		3,539
3.38%, 2/15/2029(a)		365		347
Braskem Netherlands Finance BV (Brazil) 4.50%, 1/31/2030(c)		3,250		3,253
Celanese US Holdings LLC
3.50%, 5/8/2024		290		305
1.40%, 8/5/2026		6,110		5,957
CF Industries, Inc. 5.15%, 3/15/2034		875		1,049
Chemours Co. (The)
5.38%, 5/15/2027		1,190		1,244
5.75%, 11/15/2028(a)		2,925		2,998
CVR Partners LP 9.25%, 6/15/2023(a)		63		63
Element Solutions, Inc. 3.88%, 9/1/2028(a)		3,280		3,247
INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026(a)		3,735		3,716
International Flavors & Fragrances, Inc. 1.23%, 10/1/2025(a)		5,345		5,252
MEGlobal Canada ULC (Kuwait) 5.00%, 5/18/2025(c)		2,700		2,942
NOVA Chemicals Corp. (Canada)
5.00%, 5/1/2025(a)		1,991		2,086
5.25%, 6/1/2027(a)		4,743		4,979
4.25%, 5/15/2029(a)		650		637
OCI NV (Netherlands) 4.63%, 10/15/2025(a)		1,250		1,281
Olin Corp.
5.13%, 9/15/2027		925		953
5.63%, 8/1/2029		570		615
Rain CII Carbon LLC 7.25%, 4/1/2025(a)		1,979		2,014
Sasol Financing USA LLC (South Africa) 4.38%, 9/18/2026		1,700		1,679
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		4,648		4,799
Trinseo Materials Operating SCA 5.38%, 9/1/2025(a)		3,680		3,721
Valvoline, Inc. 4.25%, 2/15/2030(a)		1,750		1,735
WR Grace Holdings LLC
4.88%, 6/15/2027(a)		1,839		1,825
5.63%, 8/15/2029(a)		547		550
				65,088
Commercial Services & Supplies — 0.5%
ACCO Brands Corp. 4.25%, 3/15/2029(a)		2,330		2,278
ADT Security Corp. (The)
4.13%, 6/15/2023		315		324
4.13%, 8/1/2029(a)		1,479		1,439
Allied Universal Holdco LLC
6.63%, 7/15/2026(a)		1,855		1,906
4.63%, 6/1/2028(a)		2,200		2,129
Aramark Services, Inc. 5.00%, 2/1/2028(a)		3,145		3,161
Bidvest Group UK plc (The) (South Africa) 3.63%, 9/23/2026(a)		2,000		1,980
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025(a)		240		261
Brink’s Co. (The) 4.63%, 10/15/2027(a)		1,595		1,627

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Clean Harbors, Inc. 4.88%, 7/15/2027(a)		475		488
Garda World Security Corp. (Canada)
4.63%, 2/15/2027(a)		3,055		2,986
9.50%, 11/1/2027(a)		825		860
GFL Environmental, Inc. (Canada)
3.75%, 8/1/2025(a)		1,965		1,990
4.00%, 8/1/2028(a)		4,660		4,521
3.50%, 9/1/2028(a)		1,215		1,177
Madison IAQ LLC 4.13%, 6/30/2028(a)		4,330		4,189
Nielsen Finance LLC 5.63%, 10/1/2028(a)		4,860		4,961
Prime Security Services Borrower LLC
5.75%, 4/15/2026(a)		6,065		6,413
3.38%, 8/31/2027(a)		1,310		1,240
Stericycle, Inc.
5.38%, 7/15/2024(a)		2,100		2,148
3.88%, 1/15/2029(a)		1,640		1,599
				47,677
Communications Equipment — 0.1%
CommScope Technologies LLC 6.00%, 6/15/2025(a)		1,940		1,872
CommScope, Inc.
6.00%, 3/1/2026(a)		6,755		6,910
8.25%, 3/1/2027(a)		995		975
4.75%, 9/1/2029(a)		1,631		1,578
Plantronics, Inc. 4.75%, 3/1/2029(a)		2,225		2,004
				13,339
Construction & Engineering — 0.1%
AECOM 5.13%, 3/15/2027		755		809
Dycom Industries, Inc. 4.50%, 4/15/2029(a)		3,010		3,030
MasTec, Inc. 4.50%, 8/15/2028(a)		3,240		3,338
Weekley Homes LLC 4.88%, 9/15/2028(a)		2,705		2,784
				9,961
Construction Materials — 0.0%(f)
Cemex SAB de CV (Mexico) 3.88%, 7/11/2031(a)		3,188		3,098
Consumer Finance — 2.3%
AerCap Ireland Capital DAC (Ireland)
3.30%, 1/23/2023		8,730		8,937
4.88%, 1/16/2024		9,760		10,429
3.15%, 2/15/2024		3,800		3,923
2.88%, 8/14/2024		4,350		4,490
3.50%, 1/15/2025		155		162
6.50%, 7/15/2025		12,075		13,813
1.75%, 1/30/2026		7,120		6,980
2.45%, 10/29/2026		23,070		23,129
Ally Financial, Inc.
5.13%, 9/30/2024		730		800
5.75%, 11/20/2025		1,870		2,118
American Express Co.
2.75%, 5/20/2022		1,460		1,473
3.40%, 2/27/2023		265		274
(ICE LIBOR USD 3 Month + 0.75%), 0.89%, 8/3/2023(b)		35		35
3.70%, 8/3/2023		35		37
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023(a)		3,000		3,134
5.25%, 5/15/2024(a)		13,926		14,986
3.95%, 7/1/2024(a)		4,239		4,443
5.50%, 1/15/2026(a)		5,000		5,550
4.25%, 4/15/2026(a)		3,010		3,213
Capital One Financial Corp.
2.60%, 5/11/2023		5,940		6,088
3.50%, 6/15/2023		2,195		2,281
3.90%, 1/29/2024		2,405		2,538
(SOFR + 0.86%), 1.88%, 11/2/2027(b)		20,440		20,326
Ford Motor Credit Co. LLC
3.22%, 1/9/2022		1,250		1,252
3.37%, 11/17/2023		415		425
4.06%, 11/1/2024		1,275		1,330
5.13%, 6/16/2025		230		249
4.13%, 8/4/2025		3,015		3,151
3.38%, 11/13/2025		442		451
4.39%, 1/8/2026		1,710		1,806
4.54%, 8/1/2026		1,385		1,479
2.70%, 8/10/2026		519		515
4.27%, 1/9/2027		3,720		3,932
4.13%, 8/17/2027		8,545		9,014
5.11%, 5/3/2029		3,940		4,362
4.00%, 11/13/2030		3,085		3,235
General Motors Financial Co., Inc. 1.05%, 3/8/2024		5,395		5,360
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 6.50% (cash), 9/15/2024(a)(g)		1,165		1,129
Navient Corp.
6.13%, 3/25/2024		1,960		2,054
5.00%, 3/15/2027		175		176
OneMain Finance Corp.
6.13%, 5/15/2022		740		758
6.88%, 3/15/2025		1,750		1,925
7.13%, 3/15/2026		3,498		3,931
6.63%, 1/15/2028		657		728
5.38%, 11/15/2029		1,762		1,854
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022(a)		10,460		10,730
4.50%, 3/15/2023(a)		10,150		10,529
5.50%, 2/15/2024(a)		17,252		18,578
				228,112
Containers & Packaging — 0.4%
Ardagh Packaging Finance plc
5.25%, 4/30/2025(a)		400		412
4.13%, 8/15/2026(a)		3,235		3,271
5.25%, 8/15/2027(a)		4,205		4,120
Ball Corp.
5.25%, 7/1/2025		555		611
2.88%, 8/15/2030		650		617
3.13%, 9/15/2031		790		760

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Berry Global, Inc.
4.88%, 7/15/2026(a)		1,600		1,660
5.63%, 7/15/2027(a)		1,000		1,036
Canpack SA (Poland) 3.88%, 11/15/2029(a)		1,950		1,889
Crown Americas LLC 4.75%, 2/1/2026		355		365
Graham Packaging Co., Inc. 7.13%, 8/15/2028(a)		1,700		1,734
Graphic Packaging International LLC
4.88%, 11/15/2022		936		958
1.51%, 4/15/2026(a)		2,925		2,881
4.75%, 7/15/2027(a)		350		375
Greif, Inc. 6.50%, 3/1/2027(a)		3,705		3,848
LABL, Inc. 6.75%, 7/15/2026(a)		3,100		3,178
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024(a)		4,920		4,925
7.25%, 4/15/2025(a)		815		799
Owens-Brockway Glass Container, Inc.
5.88%, 8/15/2023(a)		1,130		1,175
6.63%, 5/13/2027(a)		2,205		2,307
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027(a)		3,860		3,706
Sealed Air Corp.
5.13%, 12/1/2024(a)		345		367
4.00%, 12/1/2027(a)		1,675		1,726
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026(a)(h)		1,965		2,029
				44,749
Distributors — 0.0%(f)
Wolverine Escrow LLC 9.00%, 11/15/2026(a)		966		910
Diversified Consumer Services — 0.0%(f)
Service Corp. International
4.63%, 12/15/2027		1,275		1,327
3.38%, 8/15/2030		1,835		1,753
				3,080
Diversified Financial Services — 0.3%
CK Hutchison International 17 Ltd. (United Kingdom) 2.88%, 4/5/2022(a)		9,735		9,804
Element Fleet Management Corp. (Canada)
1.60%, 4/6/2024(a)		2,165		2,175
3.85%, 6/15/2025(a)		14,380		15,374
Sabre GLBL, Inc.
9.25%, 4/15/2025(a)		1,805		2,008
7.38%, 9/1/2025(a)		250		259
				29,620
Diversified Telecommunication Services — 1.1%
Altice France Holding SA (Luxembourg)
10.50%, 5/15/2027(a)		885		953
6.00%, 2/15/2028(a)		2,005		1,872
Altice France SA (France)
5.13%, 7/15/2029(a)		2,747		2,611
5.50%, 10/15/2029(a)		1,397		1,348
AT&T, Inc. 2.30%, 6/1/2027		3,080		3,128
CCO Holdings LLC
4.00%, 3/1/2023(a)		200		200
5.13%, 5/1/2027(a)		9,398		9,673
5.00%, 2/1/2028(a)		11,815		12,170
5.38%, 6/1/2029(a)		1,905		2,015
4.75%, 3/1/2030(a)		4,845		4,964
4.50%, 8/15/2030(a)		3,495		3,523
4.25%, 2/1/2031(a)		5,281		5,202
4.50%, 6/1/2033(a)		3,000		2,955
4.25%, 1/15/2034(a)		1,725		1,659
Cincinnati Bell, Inc. 7.00%, 7/15/2024(a)		270		275
Frontier Communications Holdings LLC
5.88%, 10/15/2027(a)		2,084		2,152
6.75%, 5/1/2029(a)		2,425		2,496
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023(i)		1,590		771
8.00%, 2/15/2024(a)(h)(i)		767		781
Level 3 Financing, Inc.
5.38%, 5/1/2025		495		505
4.63%, 9/15/2027(a)		1,755		1,778
Lumen Technologies, Inc.
Series T, 5.80%, 3/15/2022		545		549
Series W, 6.75%, 12/1/2023		245		264
Series Y, 7.50%, 4/1/2024		575		624
5.63%, 4/1/2025		975		1,016
5.13%, 12/15/2026(a)		4,885		4,894
4.00%, 2/15/2027(a)		8,519		8,489
5.38%, 6/15/2029(a)		1,212		1,180
NBN Co. Ltd. (Australia) 1.45%, 5/5/2026(a)		15,335		15,109
Sprint Capital Corp. 8.75%, 3/15/2032		2,850		4,213
Switch Ltd.
3.75%, 9/15/2028(a)		3,792		3,754
4.13%, 6/15/2029(a)		1,250		1,256
Telecom Italia Capital SA (Italy) 6.38%, 11/15/2033		2,380		2,475
Telecom Italia SpA (Italy) 5.30%, 5/30/2024(a)		550		570
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029(a)		2,400		2,489
Zayo Group Holdings, Inc. 4.00%, 3/1/2027(a)		2,480		2,362
				110,275
Electric Utilities — 1.5%
AES Panama Generation Holdings SRL (Panama) 4.38%, 5/31/2030(a)		2,290		2,328
American Electric Power Co., Inc. Series I, 3.65%, 12/1/2021		145		145

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
American Transmission Systems, Inc. 5.25%, 1/15/2022(a)		200		201
Ausgrid Finance Pty. Ltd. (Australia) 3.85%, 5/1/2023(a)		6,087		6,275
Comision Federal de Electricidad (Mexico) 3.35%, 2/9/2031(a)		4,618		4,424
Edison International
2.40%, 9/15/2022		6,000		6,063
2.95%, 3/15/2023		5,410		5,506
Enel Finance International NV (Italy) 1.38%, 7/12/2026(a)		12,055		11,806
Eskom Holdings SOC Ltd. (South Africa)
6.75%, 8/6/2023(c)		4,200		4,289
7.13%, 2/11/2025(c)		1,000		1,025
Evergy, Inc. 2.45%, 9/15/2024		1,300		1,341
Exelon Corp. 3.50%, 6/1/2022		375		379
Fenix Power Peru SA (Peru) 4.32%, 9/20/2027(c)		1,322		1,346
Greenko Investment Co. (India) 4.88%, 8/16/2023(c)		1,155		1,167
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		20		20
Instituto Costarricense de Electricidad (Costa Rica) 6.75%, 10/7/2031(a)		1,350		1,362
ITC Holdings Corp. 2.70%, 11/15/2022		5,805		5,907
Jersey Central Power & Light Co. 4.30%, 1/15/2026(a)		230		251
NextEra Energy Capital Holdings, Inc. 2.90%, 4/1/2022		600		605
NPC Ukrenergo (Ukraine) 6.88%, 11/9/2026(a)		2,432		2,278
NRG Energy, Inc.
3.75%, 6/15/2024(a)		10,148		10,599
2.00%, 12/2/2025(a)		10,000		10,091
6.63%, 1/15/2027		864		893
5.75%, 1/15/2028		1,545		1,615
5.25%, 6/15/2029(a)		2,875		2,980
3.63%, 2/15/2031(a)		235		223
3.88%, 2/15/2032(a)		860		825
Pacific Gas and Electric Co. 1.37%, 3/10/2023		16,985		16,890
PG&E Corp.
5.00%, 7/1/2028		4,097		4,220
5.25%, 7/1/2030		630		646
Southern California Edison Co. 1.10%, 4/1/2024		14,195		14,174
Vistra Operations Co. LLC
5.50%, 9/1/2026(a)		2,964		3,037
3.70%, 1/30/2027(a)		18,840		19,665
5.63%, 2/15/2027(a)		2,215		2,275
5.00%, 7/31/2027(a)		3,855		3,896
4.38%, 5/1/2029(a)		402		394
				149,141
Electrical Equipment — 0.0%(f)
Sensata Technologies BV 4.00%, 4/15/2029(a)		1,330		1,349
Electronic Equipment, Instruments & Components — 0.1%
CDW LLC
5.50%, 12/1/2024		500		544
4.25%, 4/1/2028		1,885		1,937
3.25%, 2/15/2029		410		410
Sensata Technologies, Inc. 4.38%, 2/15/2030(a)		2,915		3,023
				5,914
Energy Equipment & Services — 0.1%
Archrock Partners LP 6.88%, 4/1/2027(a)		555		577
Baker Hughes Holdings LLC 2.77%, 12/15/2022		5,251		5,359
Guara Norte SARL (Brazil) 5.20%, 6/15/2034(a)		3,810		3,635
Nabors Industries Ltd. 7.25%, 1/15/2026(a)		745		641
Oceaneering International, Inc. 4.65%, 11/15/2024		2,205		2,238
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)		486		457
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		125		122
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)		150		149
				13,178
Entertainment — 0.2%
Cinemark USA, Inc.
8.75%, 5/1/2025(a)		270		287
5.25%, 7/15/2028(a)		2,535		2,402
Live Nation Entertainment, Inc.
4.88%, 11/1/2024(a)		1,415		1,425
6.50%, 5/15/2027(a)		1,465		1,588
4.75%, 10/15/2027(a)		3,015		3,015
Netflix, Inc.
4.88%, 4/15/2028		3,350		3,790
5.88%, 11/15/2028		3,835		4,589
4.88%, 6/15/2030(a)		2,935		3,399
WMG Acquisition Corp.
3.88%, 7/15/2030(a)		3,168		3,176
3.00%, 2/15/2031(a)		1,030		970
				24,641
Equity Real Estate Investment Trusts (REITs) — 0.7%
American Tower Corp.
3.50%, 1/31/2023		5,305		5,461
3.00%, 6/15/2023		110		113
2.40%, 3/15/2025		2,640		2,704
2.75%, 1/15/2027		3,000		3,100
HAT Holdings I LLC 6.00%, 4/15/2025(a)		720		745
Iron Mountain, Inc. 4.88%, 9/15/2027(a)		2,805		2,845
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		1,500		1,605
4.63%, 6/15/2025(a)		820		873
5.75%, 2/1/2027		1,065		1,206

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
MPT Operating Partnership LP 4.63%, 8/1/2029		1,360		1,420
Office Properties Income Trust
2.65%, 6/15/2026		11,480		11,437
2.40%, 2/1/2027		15,380		14,961
RHP Hotel Properties LP 4.75%, 10/15/2027		4,560		4,571
SBA Communications Corp.
3.88%, 2/15/2027		650		665
3.13%, 2/1/2029(a)		2,110		2,005
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025(a)		6,294		6,667
VICI Properties LP
3.50%, 2/15/2025(a)		2,335		2,360
4.25%, 12/1/2026(a)		1,370		1,415
3.75%, 2/15/2027(a)		1,430		1,466
4.13%, 8/15/2030(a)		610		637
WEA Finance LLC (France) 2.88%, 1/15/2027(a)		3,110		3,201
Welltower, Inc. 3.63%, 3/15/2024		2,325		2,449
				71,906
Food & Staples Retailing — 0.3%
Albertsons Cos., Inc.
3.50%, 2/15/2023(a)		135		136
3.25%, 3/15/2026(a)		283		282
4.63%, 1/15/2027(a)		12,530		12,990
5.88%, 2/15/2028(a)		350		368
3.50%, 3/15/2029(a)		283		280
4.88%, 2/15/2030(a)		190		202
Performance Food Group, Inc. 5.50%, 10/15/2027(a)		3,190		3,286
Rite Aid Corp. 8.00%, 11/15/2026(a)		5,754		5,720
Sysco Corp. 5.65%, 4/1/2025		6,000		6,761
				30,025
Food Products — 0.4%
Bunge Ltd. Finance Corp.
3.00%, 9/25/2022		100		102
1.63%, 8/17/2025		10,338		10,341
Campbell Soup Co. 3.65%, 3/15/2023		1,018		1,052
Darling Ingredients, Inc. 5.25%, 4/15/2027(a)		3,020		3,122
Kraft Heinz Foods Co. 4.38%, 6/1/2046		2,420		2,801
Lamb Weston Holdings, Inc.
4.88%, 5/15/2028(a)		2,740		2,907
4.13%, 1/31/2030(a)		1,833		1,828
4.38%, 1/31/2032(a)		611		608
Post Holdings, Inc.
5.75%, 3/1/2027(a)		3,515		3,620
5.63%, 1/15/2028(a)		1,041		1,072
4.63%, 4/15/2030(a)		3,314		3,273
Viterra Finance BV (Netherlands) 2.00%, 4/21/2026(a)		14,555		14,520
				45,246
Gas Utilities — 0.0%(f)
AmeriGas Partners LP
5.63%, 5/20/2024		580		618
5.50%, 5/20/2025		955		1,021
5.75%, 5/20/2027		785		848
				2,487
Health Care Equipment & Supplies — 0.2%
Avantor Funding, Inc. 4.63%, 7/15/2028(a)		3,445		3,558
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027(a)		2,775		2,879
Hologic, Inc. 3.25%, 2/15/2029(a)		4,627		4,540
Mozart Debt Merger Sub, Inc.
3.88%, 4/1/2029(a)		2,636		2,603
5.25%, 10/1/2029(a)		2,052		2,049
Teleflex, Inc. 4.63%, 11/15/2027		970		998
				16,627
Health Care Providers & Services — 1.1%
Acadia Healthcare Co., Inc.
5.50%, 7/1/2028(a)		4,285		4,461
5.00%, 4/15/2029(a)		100		102
AdaptHealth LLC 4.63%, 8/1/2029(a)		4,052		3,970
Aetna, Inc.
2.75%, 11/15/2022		223		226
2.80%, 6/15/2023		60		62
Anthem, Inc. 2.95%, 12/1/2022		75		77
Centene Corp.
4.25%, 12/15/2027		2,175		2,257
4.63%, 12/15/2029		10,840		11,598
3.38%, 2/15/2030		995		1,002
Community Health Systems, Inc.
5.63%, 3/15/2027(a)		2,203		2,258
6.00%, 1/15/2029(a)		1,809		1,881
4.75%, 2/15/2031(a)		5,295		5,216
CVS Health Corp. 3.70%, 3/9/2023		2,134		2,207
DaVita, Inc.
4.63%, 6/1/2030(a)		4,415		4,360
3.75%, 2/15/2031(a)		2,128		1,973
Encompass Health Corp.
5.13%, 3/15/2023		90		90
4.50%, 2/1/2028		1,460		1,475
4.75%, 2/1/2030		4,100		4,125
HCA, Inc.
5.38%, 2/1/2025		200		218
5.88%, 2/15/2026		4,495		5,037
5.38%, 9/1/2026		3,035		3,387
5.63%, 9/1/2028		8,510		9,835
5.88%, 2/1/2029		7,450		8,744
Highmark, Inc. 1.45%, 5/10/2026(a)		13,265		13,043
Laboratory Corp. of America Holdings 2.30%, 12/1/2024		2,774		2,854

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Tenet Healthcare Corp.
6.75%, 6/15/2023		560		595
4.63%, 9/1/2024(a)		2,030		2,067
7.50%, 4/1/2025(a)		800		841
4.88%, 1/1/2026(a)		7,971		8,151
6.25%, 2/1/2027(a)		3,280		3,399
5.13%, 11/1/2027(a)		1,720		1,766
4.63%, 6/15/2028(a)		500		510
4.25%, 6/1/2029(a)		3,243		3,211
				110,998
Health Care Technology — 0.0%(f)
IQVIA, Inc.
5.00%, 10/15/2026(a)		1,050		1,074
5.00%, 5/15/2027(a)		3,815		3,929
				5,003
Hotels, Restaurants & Leisure — 0.7%
1011778 BC ULC (Canada)
5.75%, 4/15/2025(a)		810		841
3.88%, 1/15/2028(a)		1,590		1,570
4.00%, 10/15/2030(a)		1,550		1,481
Boyd Gaming Corp.
8.63%, 6/1/2025(a)		500		535
4.75%, 12/1/2027		1,500		1,523
Boyne USA, Inc. 4.75%, 5/15/2029(a)		2,065		2,080
Caesars Entertainment, Inc.
6.25%, 7/1/2025(a)		2,101		2,184
4.63%, 10/15/2029(a)		1,171		1,142
Caesars Resort Collection LLC 5.75%, 7/1/2025(a)		3,351		3,481
Carnival Corp.
9.88%, 8/1/2027(a)		4,431		4,987
4.00%, 8/1/2028(a)		1,083		1,053
6.00%, 5/1/2029(a)		2,224		2,161
Cedar Fair LP
5.38%, 6/1/2024		260		263
5.50%, 5/1/2025(a)		605		625
5.38%, 4/15/2027		1,446		1,471
5.25%, 7/15/2029		1,835		1,884
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(a)		271		284
Gohl Capital Ltd. (Malaysia) 4.25%, 1/24/2027(c)		5,000		5,187
Hilton Domestic Operating Co., Inc.
5.38%, 5/1/2025(a)		1,015		1,050
3.75%, 5/1/2029(a)		1,135		1,124
4.88%, 1/15/2030		1,621		1,703
4.00%, 5/1/2031(a)		141		141
3.63%, 2/15/2032(a)		675		655
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		321		331
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		1,585		1,627
International Game Technology plc
6.50%, 2/15/2025(a)		2,280		2,474
6.25%, 1/15/2027(a)		440		484
KFC Holding Co. 4.75%, 6/1/2027(a)		1,365		1,403
Marriott Ownership Resorts, Inc.
4.75%, 1/15/2028		390		390
4.50%, 6/15/2029(a)		1,990		1,954
MGM Resorts International
7.75%, 3/15/2022		1,450		1,469
5.75%, 6/15/2025		1,759		1,855
4.63%, 9/1/2026		33		33
5.50%, 4/15/2027		1,317		1,372
Royal Caribbean Cruises Ltd.
9.13%, 6/15/2023(a)		1,785		1,893
11.50%, 6/1/2025(a)		164		183
Scientific Games International, Inc. 5.00%, 10/15/2025(a)		1,674		1,718
Six Flags Entertainment Corp. 4.88%, 7/31/2024(a)		3,405		3,430
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025(a)		1,150		1,210
Travel + Leisure Co. 3.90%, 3/1/2023		1,285		1,295
Vail Resorts, Inc. 6.25%, 5/15/2025(a)		1,500		1,568
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		2,725		2,729
Wynn Resorts Finance LLC
7.75%, 4/15/2025(a)		1,460		1,521
5.13%, 10/1/2029(a)		2,095		2,048
Yum! Brands, Inc.
7.75%, 4/1/2025(a)		1,162		1,225
3.63%, 3/15/2031		352		341
4.63%, 1/31/2032		828		846
				70,824
Household Durables — 0.3%
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025(a)		2,490		2,599
Controladora Mabe SA de CV (Mexico) 5.60%, 10/23/2028(c)		1,400		1,590
Lennar Corp.
4.88%, 12/15/2023		150		160
5.25%, 6/1/2026		2,965		3,363
4.75%, 11/29/2027		6,500		7,387
Meritage Homes Corp. 6.00%, 6/1/2025		455		502
Newell Brands, Inc.
4.70%, 4/1/2026(h)		2,950		3,160
5.87%, 4/1/2036(h)		825		1,007
PulteGroup, Inc. 5.50%, 3/1/2026		9,819		11,189
Tempur Sealy International, Inc. 4.00%, 4/15/2029(a)		4,120		4,090
				35,047
Household Products — 0.2%
Central Garden & Pet Co.
5.13%, 2/1/2028		1,010		1,049
4.13%, 10/15/2030		2,216		2,214
4.13%, 4/30/2031(a)		537		538
Energizer Holdings, Inc.
4.75%, 6/15/2028(a)		2,280		2,248
4.38%, 3/31/2029(a)		3,565		3,383
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022(a)		1,900		1,917

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Spectrum Brands, Inc.
5.75%, 7/15/2025		70		71
5.00%, 10/1/2029(a)		2,870		3,022
5.50%, 7/15/2030(a)		1,367		1,456
3.88%, 3/15/2031(a)		500		480
				16,378
Independent Power and Renewable Electricity Producers — 0.2%
Calpine Corp.
5.25%, 6/1/2026(a)		3,605		3,688
4.50%, 2/15/2028(a)		2,740		2,725
5.13%, 3/15/2028(a)		1,665		1,648
Exelon Generation Co. LLC
3.40%, 3/15/2022		380		382
3.25%, 6/1/2025		5,185		5,449
NTPC Ltd. (India) 4.25%, 2/26/2026(c)		2,600		2,795
Termocandelaria Power Ltd. (Colombia) 7.88%, 1/30/2029(c)		1,573		1,553
				18,240
Insurance — 0.6%
American International Group, Inc. 2.50%, 6/30/2025		2,705		2,799
Athene Global Funding
3.00%, 7/1/2022(a)		5,165		5,238
1.45%, 1/8/2026(a)		16,929		16,710
2.95%, 11/12/2026(a)		7,071		7,400
Jackson National Life Global Funding 3.25%, 1/30/2024(a)		9,500		9,941
Reliance Standard Life Global Funding II
2.63%, 7/22/2022(a)		2,415		2,447
2.15%, 1/21/2023(a)		4,505		4,575
3.85%, 9/19/2023(a)		45		47
2.50%, 10/30/2024(a)		6,190		6,375
				55,532
Internet & Direct Marketing Retail — 0.1%
B2W Digital Lux SARL (Brazil) 4.38%, 12/20/2030(c)		4,300		3,846
MercadoLibre, Inc. (Argentina) 2.38%, 1/14/2026		4,300		4,128
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(a)		1,735		1,741
				9,715
IT Services — 0.2%
Arches Buyer, Inc.
4.25%, 6/1/2028(a)		1,215		1,203
6.13%, 12/1/2028(a)		2,890		2,918
Black Knight InfoServ LLC 3.63%, 9/1/2028(a)		2,625		2,562
Exela Intermediate LLC 10.00%, 7/15/2023(a)		104		84
Gartner, Inc.
4.50%, 7/1/2028(a)		1,915		1,990
3.63%, 6/15/2029(a)		2,975		2,957
3.75%, 10/1/2030(a)		1,992		1,987
Presidio Holdings, Inc. 4.88%, 2/1/2027(a)		2,810		2,841
Square, Inc.
2.75%, 6/1/2026(a)		1,349		1,342
3.50%, 6/1/2031(a)		2,579		2,615
StoneCo Ltd. (Brazil) 3.95%, 6/16/2028(a)		200		167
				20,666
Leisure Products — 0.0%(f)
Mattel, Inc.
3.38%, 4/1/2026(a)		301		306
5.88%, 12/15/2027(a)		750		799
3.75%, 4/1/2029(a)		2,212		2,262
Vista Outdoor, Inc. 4.50%, 3/15/2029(a)		1,000		998
				4,365
Life Sciences Tools & Services — 0.0%(f)
Charles River Laboratories International, Inc. 3.75%, 3/15/2029(a)		2,725		2,694
Machinery — 0.0%(f)
Colfax Corp. 6.38%, 2/15/2026(a)		793		820
TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027(a)		1,550		1,576
Toyota Industries Corp. (Japan) 3.11%, 3/12/2022(a)		1,695		1,704
				4,100
Media — 1.2%
Altice Financing SA (Luxembourg)
5.00%, 1/15/2028(a)		2,995		2,799
5.75%, 8/15/2029(a)		1,563		1,489
AMC Networks, Inc. 5.00%, 4/1/2024		323		325
Audacy Capital Corp. 6.50%, 5/1/2027(a)		177		173
Clear Channel Outdoor Holdings, Inc. 7.75%, 4/15/2028(a)		917		956
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027(a)		5,000		5,050
CSC Holdings LLC
5.88%, 9/15/2022		450		460
5.25%, 6/1/2024		935		971
5.50%, 4/15/2027(a)		1,380		1,417
5.38%, 2/1/2028(a)		1,815		1,854
6.50%, 2/1/2029(a)		9,200		9,727
4.50%, 11/15/2031(a)		1,316		1,273
Diamond Sports Group LLC 5.38%, 8/15/2026(a)		1,077		477
DIRECTV Holdings LLC 5.88%, 8/15/2027(a)		2,926		2,977
DISH DBS Corp.
5.88%, 7/15/2022		820		830
5.00%, 3/15/2023		550		559
5.88%, 11/15/2024		4,884		4,940
7.75%, 7/1/2026		13,830		14,211
5.25%, 12/1/2026(a)		5,795		5,739
5.75%, 12/1/2028(a)		1,155		1,138
Gray Escrow II, Inc. 5.38%, 11/15/2031(a)		2,638		2,644

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Gray Television, Inc. 7.00%, 5/15/2027(a)		385		408
iHeartCommunications, Inc.
6.38%, 5/1/2026		1,450		1,501
8.38%, 5/1/2027		2,195		2,309
5.25%, 8/15/2027(a)		1,425		1,446
Lamar Media Corp.
3.75%, 2/15/2028		120		120
4.88%, 1/15/2029		2,005		2,080
4.00%, 2/15/2030		85		85
Meredith Corp.
6.50%, 7/1/2025		1,010		1,074
6.88%, 2/1/2026		3,062		3,168
Midas OpCo Holdings LLC 5.63%, 8/15/2029(a)		2,585		2,604
News Corp. 3.88%, 5/15/2029(a)		2,623		2,578
Nexstar Media, Inc.
5.63%, 7/15/2027(a)		5,250		5,447
4.75%, 11/1/2028(a)		2,406		2,403
Outfront Media Capital LLC
6.25%, 6/15/2025(a)		2,212		2,300
5.00%, 8/15/2027(a)		1,195		1,205
Scripps Escrow II, Inc.
3.88%, 1/15/2029(a)		760		755
5.38%, 1/15/2031(a)		1,450		1,458
Scripps Escrow, Inc. 5.88%, 7/15/2027(a)		500		513
Sinclair Television Group, Inc.
5.13%, 2/15/2027(a)		1,645		1,523
4.13%, 12/1/2030(a)		1,150		1,044
Sirius XM Radio, Inc.
5.00%, 8/1/2027(a)		1,375		1,416
4.00%, 7/15/2028(a)		1,198		1,185
5.50%, 7/1/2029(a)		7,080		7,509
4.13%, 7/1/2030(a)		1,700		1,661
Summer BC Bidco B LLC 5.50%, 10/31/2026(a)		800		806
TEGNA, Inc.
5.50%, 9/15/2024(a)		209		211
4.63%, 3/15/2028		1,220		1,215
5.00%, 9/15/2029		1,180		1,183
Univision Communications, Inc. 4.50%, 5/1/2029(a)		2,720		2,718
UPC Broadband Finco BV (Netherlands) 4.88%, 7/15/2031(a)		831		839
ViacomCBS, Inc. (ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(b)		550		622
Videotron Ltd. (Canada) 5.13%, 4/15/2027(a)		2,784		2,857
				116,252
Metals & Mining — 0.5%
Alcoa Nederland Holding BV
5.50%, 12/15/2027(a)		925		981
6.13%, 5/15/2028(a)		2,370		2,525
Allegheny Technologies, Inc. 5.88%, 12/1/2027		2,895		3,014
Arconic Corp.
6.00%, 5/15/2025(a)		1,554		1,620
6.13%, 2/15/2028(a)		3,280		3,411
Cleveland-Cliffs, Inc.
6.75%, 3/15/2026(a)		3,796		4,009
5.88%, 6/1/2027		740		764
4.63%, 3/1/2029(a)		1,200		1,208
Commercial Metals Co. 4.88%, 5/15/2023		895		925
Constellium SE 5.88%, 2/15/2026(a)		1,206		1,220
CSN Inova Ventures (Brazil) 6.75%, 1/28/2028(c)		2,000		2,006
FMG Resources August 2006 Pty. Ltd. (Australia) 4.50%, 9/15/2027(a)		3,345		3,466
Freeport-McMoRan, Inc.
3.88%, 3/15/2023		200		206
5.00%, 9/1/2027		1,230		1,279
4.13%, 3/1/2028		407		418
4.38%, 8/1/2028		2,098		2,188
4.25%, 3/1/2030		2,810		2,912
5.40%, 11/14/2034		810		964
5.45%, 3/15/2043		905		1,115
Gerdau Trade, Inc. (Brazil) 4.88%, 10/24/2027(c)		2,000		2,160
Glencore Funding LLC (Australia) 1.63%, 9/1/2025(a)		5,443		5,398
Indonesia Asahan Aluminium Persero PT (Indonesia) 6.53%, 11/15/2028(a)		500		597
Kaiser Aluminum Corp. 4.63%, 3/1/2028(a)		2,350		2,302
Novelis Corp.
3.25%, 11/15/2026(a)		882		881
4.75%, 1/30/2030(a)		2,780		2,807
3.88%, 8/15/2031(a)		442		427
				48,803
Multiline Retail — 0.0%(f)
Nordstrom, Inc. 2.30%, 4/8/2024		2,070		2,039
Multi-Utilities — 0.1%
Dominion Energy, Inc. Series A, 3.30%, 3/15/2025		6,570		6,912
Empresas Publicas de Medellin ESP (Colombia) 4.25%, 7/18/2029(c)		3,000		2,838
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		75		76
Puget Energy, Inc. 2.38%, 6/15/2028		4,515		4,472
				14,298
Oil, Gas & Consumable Fuels — 2.7%
Antero Midstream Partners LP
7.88%, 5/15/2026(a)		1,995		2,136
5.38%, 6/15/2029(a)		2,275		2,300

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Antero Resources Corp.
5.00%, 3/1/2025		1,500		1,508
7.63%, 2/1/2029(a)		1,565		1,716
5.38%, 3/1/2030(a)		715		737
Apache Corp.
4.63%, 11/15/2025		1,999		2,114
4.88%, 11/15/2027		699		744
APT Pipelines Ltd. (Australia) 4.20%, 3/23/2025(a)		3,088		3,323
Azure Power Energy Ltd. (India) 3.58%, 8/19/2026(a)		2,000		2,005
Baytex Energy Corp. (Canada) 5.63%, 6/1/2024(a)		1,054		1,049
BP Capital Markets America, Inc. 3.19%, 4/6/2025		4,000		4,212
Buckeye Partners LP
4.15%, 7/1/2023		665		680
4.13%, 3/1/2025(a)		285		287
4.13%, 12/1/2027		1,725		1,703
4.50%, 3/1/2028(a)		800		776
Cenovus Energy, Inc. (Canada) 5.38%, 7/15/2025		870		967
Cheniere Corpus Christi Holdings LLC 5.13%, 6/30/2027		16,440		18,613
Cheniere Energy Partners LP
4.50%, 10/1/2029		2,775		2,917
4.00%, 3/1/2031(a)		2,102		2,144
3.25%, 1/31/2032(a)		2,322		2,255
Cheniere Energy, Inc. 4.63%, 10/15/2028		1,780		1,833
Chesapeake Energy Corp. 5.88%, 2/1/2029(a)		1,520		1,611
CNX Resources Corp. 7.25%, 3/14/2027(a)		3,730		3,938
Comstock Resources, Inc. 6.75%, 3/1/2029(a)		2,656		2,762
Crestwood Midstream Partners LP 5.75%, 4/1/2025		2,595		2,603
DCP Midstream Operating LP
3.88%, 3/15/2023		785		799
5.38%, 7/15/2025		1,020		1,088
5.63%, 7/15/2027		1,295		1,446
Devon Energy Corp.
5.25%, 9/15/2024(a)		2,083		2,260
4.50%, 1/15/2030(a)		610		655
DT Midstream, Inc.
4.13%, 6/15/2029(a)		2,996		2,977
4.38%, 6/15/2031(a)		1,905		1,893
Ecopetrol SA (Colombia) 5.38%, 6/26/2026		3,600		3,767
Enbridge, Inc. (Canada) 2.90%, 7/15/2022		75		76
Energean Israel Finance Ltd. (Israel)
4.50%, 3/30/2024(c)		1,744		1,742
4.88%, 3/30/2026(c)		1,363		1,341
Energy Transfer LP 4.05%, 3/15/2025		14,000		14,847
EnLink Midstream Partners LP
4.40%, 4/1/2024		1,085		1,118
4.15%, 6/1/2025		2,275		2,328
EQM Midstream Partners LP
4.75%, 7/15/2023		335		346
4.00%, 8/1/2024		1,065		1,094
6.00%, 7/1/2025(a)		1,357		1,442
6.50%, 7/1/2027(a)		1,640		1,771
4.50%, 1/15/2029(a)		1,377		1,367
4.75%, 1/15/2031(a)		582		588
EQT Corp.
6.63%, 2/1/2025(h)		1,710		1,909
3.90%, 10/1/2027		2,265		2,361
Genesis Energy LP
6.25%, 5/15/2026		1,923		1,853
7.75%, 2/1/2028		247		241
Gray Oak Pipeline LLC 2.60%, 10/15/2025(a)		24,782		25,204
Greenko Dutch BV (India) 3.85%, 3/29/2026(a)		4,078		4,117
Greenko Solar Mauritius Ltd. (India) 5.55%, 1/29/2025(c)		1,296		1,317
Gulfport Energy Operating Corp.
6.63%, 5/1/2023‡(i)		660		31
6.00%, 10/15/2024‡(i)		1,080		51
8.00%, 5/17/2026(a)		514		553
Hess Midstream Operations LP 5.63%, 2/15/2026(a)		3,560		3,640
Leviathan Bond Ltd. (Israel)
6.13%, 6/30/2025(c)		2,700		2,834
6.50%, 6/30/2027(c)		1,850		1,942
Lundin Energy Finance BV (Netherlands) 2.00%, 7/15/2026(a)		16,355		16,252
Medco Platinum Road Pte. Ltd. (Indonesia) 6.75%, 1/30/2025(c)		700		707
MEG Energy Corp. (Canada)
6.50%, 1/15/2025(a)		803		812
7.13%, 2/1/2027(a)		1,248		1,276
NGL Energy Operating LLC 7.50%, 2/1/2026(a)		1,805		1,792
NuStar Logistics LP
5.75%, 10/1/2025		1,417		1,497
6.00%, 6/1/2026		1,085		1,149
5.63%, 4/28/2027		1,060		1,083
6.38%, 10/1/2030		192		204
Occidental Petroleum Corp.
8.00%, 7/15/2025		413		470
5.88%, 9/1/2025		4,817		5,178
8.50%, 7/15/2027		2,064		2,505
6.38%, 9/1/2028		192		219
8.88%, 7/15/2030		494		649
6.63%, 9/1/2030		1,807		2,168
6.13%, 1/1/2031		1,712		1,995
7.88%, 9/15/2031		850		1,107
Oil and Gas Holding Co. BSCC (The) (Bahrain) 7.63%, 11/7/2024(c)		1,000		1,075
PBF Holding Co. LLC
9.25%, 5/15/2025(a)		1,312		1,224
6.00%, 2/15/2028		590		352
Peru LNG Srl (Peru) 5.38%, 3/22/2030(c)		2,300		1,959

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Petroleos Mexicanos (Mexico)
4.25%, 1/15/2025		3,000		2,978
4.50%, 1/23/2026		6,800		6,639
6.88%, 8/4/2026		3,950		4,170
6.49%, 1/23/2027		2,000		2,045
Range Resources Corp.
5.00%, 3/15/2023		748		758
4.88%, 5/15/2025		2,465		2,515
8.25%, 1/15/2029(a)		550		606
Sabine Pass Liquefaction LLC 5.88%, 6/30/2026		4,829		5,553
SM Energy Co. 6.63%, 1/15/2027		685		688
Southwestern Energy Co.
4.10%, 3/15/2022		3,990		3,980
5.38%, 2/1/2029		2,635		2,714
5.38%, 3/15/2030		1,508		1,570
Summit Midstream Holdings LLC 8.50%, 10/15/2026(a)		2,050		2,065
Sunoco LP
6.00%, 4/15/2027		870		902
4.50%, 5/15/2029		2,000		1,973
Tallgrass Energy Partners LP
7.50%, 10/1/2025(a)		2,285		2,422
5.50%, 1/15/2028(a)		2,470		2,411
6.00%, 12/31/2030(a)		1,290		1,275
Targa Resources Partners LP
5.88%, 4/15/2026		4,010		4,155
5.38%, 2/1/2027		1,715		1,754
6.88%, 1/15/2029		4,635		5,134
5.50%, 3/1/2030		605		658
4.88%, 2/1/2031		1,135		1,217
4.00%, 1/15/2032(a)		483		499
TerraForm Power Operating LLC 4.25%, 1/31/2023(a)		314		316
Trinidad Petroleum Holdings Ltd. (Trinidad and Tobago) 9.75%, 6/15/2026(a)		2,200		2,398
Uzbekneftegaz JSC (Uzbekistan) 4.75%, 11/16/2028(a)		1,000		959
Western Midstream Operating LP
4.00%, 7/1/2022		380		381
4.35%, 2/1/2025(h)		450		466
5.30%, 2/1/2030(h)		2,250		2,421
				263,226
Paper & Forest Products — 0.0%(f)
Fibria Overseas Finance Ltd. (Brazil) 5.50%, 1/17/2027		2,000		2,201
Personal Products — 0.1%
Edgewell Personal Care Co. 5.50%, 6/1/2028(a)		3,669		3,825
Natura Cosmeticos SA (Brazil) 4.13%, 5/3/2028(a)		1,764		1,674
Prestige Brands, Inc. 5.13%, 1/15/2028(a)		1,070		1,110
				6,609
Pharmaceuticals — 0.7%
Bausch Health Americas, Inc.
9.25%, 4/1/2026(a)		5,395		5,651
8.50%, 1/31/2027(a)		6,370		6,552
Bausch Health Cos., Inc.
6.13%, 4/15/2025(a)		3,051		3,082
5.50%, 11/1/2025(a)		4,155		4,199
5.75%, 8/15/2027(a)		2,915		2,969
7.00%, 1/15/2028(a)		1,562		1,507
5.00%, 1/30/2028(a)		5,184		4,610
4.88%, 6/1/2028(a)		5,408		5,328
5.00%, 2/15/2029(a)		5,338		4,577
5.25%, 1/30/2030(a)		228		196
5.25%, 2/15/2031(a)		465		399
Elanco Animal Health, Inc. 5.90%, 8/28/2028(h)		950		1,087
EMD Finance LLC (Germany) 2.95%, 3/19/2022(a)		150		150
Jazz Securities DAC 4.38%, 1/15/2029(a)		4,194		4,273
Organon & Co.
4.13%, 4/30/2028(a)		1,924		1,919
5.13%, 4/30/2031(a)		1,827		1,866
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(a)		3,560		3,589
Shire Acquisitions Investments Ireland DAC 2.88%, 9/23/2023		9,068		9,357
Viatris, Inc. 1.65%, 6/22/2025		5,285		5,274
				66,585
Professional Services — 0.0%(f)
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026(a)		240		249
Real Estate Management & Development — 0.1%
Country Garden Holdings Co. Ltd. (China) 3.13%, 10/22/2025(c)		4,700		4,183
Kennedy-Wilson, Inc.
4.75%, 3/1/2029		3,730		3,780
5.00%, 3/1/2031		468		478
RKPF Overseas Ltd. (China) 6.00%, 9/4/2025(c)		2,700		2,444
Vanke Real Estate Hong Kong Co. Ltd. (China) 3.98%, 11/9/2027(c)		2,600		2,669
				13,554
Road & Rail — 0.5%
Avis Budget Car Rental LLC
5.75%, 7/15/2027(a)		2,520		2,614
5.38%, 3/1/2029(a)		1,445		1,479
Georgian Railway JSC (Georgia) 4.00%, 6/17/2028(a)		4,449		4,449
Hertz Corp. (The) 4.63%, 12/1/2026(a)		1,330		1,311
Ryder System, Inc. 3.35%, 9/1/2025		4,405		4,680
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026(a)		28,075		27,896
Uber Technologies, Inc.
7.50%, 5/15/2025(a)		1,600		1,686
4.50%, 8/15/2029(a)		1,304		1,291

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
XPO Logistics, Inc. 6.25%, 5/1/2025(a)		3,575		3,717
				49,123
Semiconductors & Semiconductor Equipment — 0.4%
ams AG (Austria) 7.00%, 7/31/2025(a)		2,210		2,328
Broadcom Corp. 3.88%, 1/15/2027		3,020		3,252
Entegris, Inc. 4.38%, 4/15/2028(a)		2,310		2,353
Marvell Technology, Inc. 1.65%, 4/15/2026		9,090		9,032
Microchip Technology, Inc. 4.25%, 9/1/2025		21,413		22,243
ON Semiconductor Corp. 3.88%, 9/1/2028(a)		3,995		4,064
Qorvo, Inc. 3.38%, 4/1/2031(a)		1,320		1,330
				44,602
Software — 0.2%
CDK Global, Inc. 4.88%, 6/1/2027		1,235		1,272
Citrix Systems, Inc. 1.25%, 3/1/2026		4,275		4,143
Clarivate Science Holdings Corp. 3.88%, 7/1/2028(a)		3,315		3,259
Fair Isaac Corp. 4.00%, 6/15/2028(a)		1,415		1,411
NCR Corp.
5.75%, 9/1/2027(a)		2,150		2,228
5.00%, 10/1/2028(a)		1,929		1,948
5.13%, 4/15/2029(a)		1,823		1,842
6.13%, 9/1/2029(a)		1,960		2,078
Nuance Communications, Inc. 5.63%, 12/15/2026		2,039		2,101
SS&C Technologies, Inc. 5.50%, 9/30/2027(a)		3,485		3,622
				23,904
Specialty Retail — 0.3%
Asbury Automotive Group, Inc.
4.50%, 3/1/2028		2,000		2,004
4.75%, 3/1/2030		813		815
Bath & Body Works, Inc.
5.25%, 2/1/2028		1,170		1,255
7.50%, 6/15/2029		1,650		1,838
6.88%, 11/1/2035		1,190		1,429
Gap, Inc. (The) 3.63%, 10/1/2029(a)		1,750		1,674
Group 1 Automotive, Inc. 4.00%, 8/15/2028(a)		3,275		3,240
Lithia Motors, Inc.
4.63%, 12/15/2027(a)		934		974
3.88%, 6/1/2029(a)		2,100		2,125
Penske Automotive Group, Inc.
3.50%, 9/1/2025		1,320		1,335
3.75%, 6/15/2029		2,710		2,642
PetSmart, Inc. 4.75%, 2/15/2028(a)		5,406		5,471
SRS Distribution, Inc. 4.63%, 7/1/2028(a)		2,000		2,005
Staples, Inc.
7.50%, 4/15/2026(a)		4,060		4,032
10.75%, 4/15/2027(a)		830		755
				31,594
Technology Hardware, Storage & Peripherals — 0.1%
Seagate HDD Cayman
3.13%, 7/15/2029(a)		1,250		1,190
4.13%, 1/15/2031		2,235		2,251
Western Digital Corp. 4.75%, 2/15/2026		1,115		1,204
Xerox Corp. 4.38%, 3/15/2023(h)		492		504
				5,149
Textiles, Apparel & Luxury Goods — 0.0%(f)
Hanesbrands, Inc. 4.63%, 5/15/2024(a)		250		260
William Carter Co. (The)
5.50%, 5/15/2025(a)		665		691
5.63%, 3/15/2027(a)		980		1,009
				1,960
Thrifts & Mortgage Finance — 1.1%
BPCE SA (France) (ICE LIBOR USD 3 Month + 1.24%), 1.35%, 9/12/2023(a)(b)		250		254
5.70%, 10/22/2023(a)		3,200		3,460
4.63%, 7/11/2024(a)		17,000		18,267
5.15%, 7/21/2024(a)		10,000		10,896
2.38%, 1/14/2025(a)		3,855		3,932
4.50%, 3/15/2025(a)		14,422		15,580
(SOFR + 1.52%), 1.65%, 10/6/2026(a)(b)		17,305		17,104
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025(a)		915		920
Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027(a)		4,135		4,270
Nationwide Building Society (United Kingdom)
(ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023(a)(b)		5,375		5,435
(ICE LIBOR USD 3 Month + 1.06%), 3.77%, 3/8/2024(a)(b)		1,000		1,034
3.90%, 7/21/2025(a)		9,150		9,919
4.00%, 9/14/2026(a)		13,890		15,027
Radian Group, Inc. 4.50%, 10/1/2024		335		350
Rocket Mortgage LLC
2.88%, 10/15/2026(a)		1,007		981
3.63%, 3/1/2029(a)		3,180		3,109
3.88%, 3/1/2031(a)		130		128
4.00%, 10/15/2033(a)		342		335
				111,001
Tobacco — 0.3%
BAT Capital Corp. (United Kingdom)
2.79%, 9/6/2024		9,615		9,943
4.70%, 4/2/2027		2,760		3,045

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
BAT International Finance plc (United Kingdom) 1.67%, 3/25/2026		5,320		5,241
Imperial Brands Finance plc (United Kingdom)
3.75%, 7/21/2022(a)		1,500		1,521
3.13%, 7/26/2024(a)		8,410		8,719
				28,469
Trading Companies & Distributors — 1.1%
Air Lease Corp.
3.50%, 1/15/2022		1,500		1,505
3.75%, 2/1/2022		3,919		3,919
2.63%, 7/1/2022		485		490
2.75%, 1/15/2023		2,110		2,151
3.88%, 7/3/2023		3,000		3,130
2.30%, 2/1/2025		12,700		12,894
3.38%, 7/1/2025		3,960		4,151
2.88%, 1/15/2026		17,365		17,823
Aviation Capital Group LLC
5.50%, 12/15/2024(a)		4,935		5,433
4.13%, 8/1/2025(a)		3,300		3,514
4.88%, 10/1/2025(a)		3,196		3,478
1.95%, 1/30/2026(a)		26,621		26,127
Herc Holdings, Inc. 5.50%, 7/15/2027(a)		3,040		3,145
Imola Merger Corp. 4.75%, 5/15/2029(a)		5,612		5,644
United Rentals North America, Inc.
3.88%, 11/15/2027		500		519
4.88%, 1/15/2028		5,830		6,106
5.25%, 1/15/2030		1,695		1,827
3.88%, 2/15/2031		2,352		2,360
WESCO Distribution, Inc.
7.13%, 6/15/2025(a)		3,362		3,551
7.25%, 6/15/2028(a)		1,780		1,936
				109,703
Transportation Infrastructure — 0.1%
Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.38%, 4/30/2025(a)		7,105		7,479
Wireless Telecommunication Services — 0.4%
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		4,085		4,534
Kenbourne Invest SA (Chile)
6.88%, 11/26/2024(c)		4,100		4,275
4.70%, 1/22/2028(a)		400		391
Sprint Corp.
7.88%, 9/15/2023		1,025		1,126
7.13%, 6/15/2024		306		343
7.63%, 2/15/2025		546		625
7.63%, 3/1/2026		14,654		17,310
T-Mobile USA, Inc.
1.50%, 2/15/2026		5,062		4,995
2.25%, 2/15/2026		480		474
4.75%, 2/1/2028		6,713		7,013
Vodafone Group plc (United Kingdom) 4.13%, 5/30/2025		135		147
				41,233
TOTAL CORPORATE BONDS (Cost $4,056,187)				4,035,634
U.S. TREASURY OBLIGATIONS — 17.5%
U.S. Treasury Notes
1.75%, 7/15/2022		2,620		2,646
0.25%, 6/15/2023		1,980		1,975
0.25%, 9/30/2023		112,490		111,976
0.13%, 12/15/2023		164,061		162,542
0.13%, 2/15/2024		77,265		76,426
0.38%, 4/15/2024		101,946		101,210
0.25%, 5/15/2024		70,000		69,221
0.25%, 6/15/2024		28,240		27,898
0.38%, 8/15/2024		121,485		120,242
0.38%, 9/15/2024		110,840		109,584
0.63%, 10/15/2024		324,720		323,096
0.75%, 11/15/2024		586,055		584,681
0.75%, 3/31/2026		7,470		7,358
0.75%, 4/30/2026		10,860		10,689
0.88%, 9/30/2026		29,350		28,972
1.13%, 10/31/2026		5,500		5,492
1.25%, 9/30/2028		11,620		11,535
2.38%, 5/15/2029		985		1,055
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,761,399)				1,756,598
ASSET-BACKED SECURITIES — 17.2%
ACC Trust
Series 2019-2, Class A, 2.82%, 2/21/2023(a)		220		220
Series 2020-A, Class A, 6.00%, 3/20/2023(a)		4,276		4,334
Series 2020-A, Class B, 12.50%, 6/20/2025(a)		5,000		5,202
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040(a)		4,247		4,196
Affirm Asset Securitization Trust
Series 2020-A, Class A, 2.10%, 2/18/2025(a)		5,000		5,017
Series 2021-A, Class A, 0.88%, 8/15/2025(a)		3,500		3,502
AIMCO CLO Ltd. (Cayman Islands) Series 2019-10A, Class AR, 1.19%, 7/22/2032(a)(j)		19,700		19,700
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046(a)		20,613		20,410

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
American Credit Acceptance Receivables Trust
Series 2018-1, Class D, 3.93%, 4/10/2024(a)		50		50
Series 2018-2, Class E, 5.16%, 9/10/2024(a)		750		770
Series 2018-3, Class E, 5.17%, 10/15/2024(a)		750		766
Series 2019-1, Class D, 3.81%, 4/14/2025(a)		7,000		7,137
Series 2019-1, Class E, 4.84%, 4/14/2025(a)		5,500		5,726
Series 2019-3, Class D, 2.89%, 9/12/2025(a)		913		930
Series 2019-3, Class E, 3.80%, 9/12/2025(a)		577		594
Series 2019-4, Class C, 2.69%, 12/12/2025(a)		2,795		2,814
Series 2019-4, Class D, 2.97%, 12/12/2025(a)		2,980		3,045
Series 2019-4, Class E, 3.85%, 12/12/2025(a)		3,340		3,445
Series 2020-1, Class C, 2.19%, 3/13/2026(a)		14,530		14,623
Series 2020-1, Class E, 3.32%, 3/13/2026(a)		7,550		7,742
Series 2020-3, Class C, 1.85%, 6/15/2026(a)		3,150		3,177
Series 2020-3, Class E, 3.88%, 8/13/2026(a)		5,700		5,842
Series 2020-4, Class C, 1.31%, 12/14/2026(a)		3,510		3,523
Series 2020-4, Class D, 1.77%, 12/14/2026(a)		5,527		5,555
Series 2021-1, Class D, 1.14%, 3/15/2027(a)		5,614		5,569
Series 2021-1, Class E, 2.29%, 3/15/2027(a)		8,040		7,967
Series 2021-2, Class D, 1.34%, 7/13/2027(a)		8,400		8,321
AmeriCredit Automobile Receivables Trust
Series 2017-2, Class D, 3.42%, 4/18/2023		4,462		4,469
Series 2017-3, Class D, 3.18%, 7/18/2023		500		504
Series 2019-1, Class C, 3.36%, 2/18/2025		750		768
Series 2019-2, Class C, 2.74%, 4/18/2025		1,000		1,022
Series 2019-2, Class D, 2.99%, 6/18/2025		3,500		3,608
AMSR Trust
Series 2021-SFR1, Class C, 2.35%, 6/17/2038‡(a)(j)		581		574
Series 2021-SFR2, Class C, 1.88%, 8/17/2038‡(a)		2,853		2,797
Series 2021-SFR3, Class E1, 2.33%, 10/17/2038‡(a)		2,700		2,649
Series 2021-SFR3, Class E2, 2.43%, 10/17/2038‡(a)		5,500		5,397
Series 2021-SFR4, Class E1, 2.97%, 12/17/2038‡(a)		1,821		1,819
Apidos CLO (Cayman Islands)
Series 2016-24A, Class A1AL, 1.08%, 10/20/2030(a)(j)		18,000		17,996
Series 2019-31A, Class A1R, 1.22%, 4/15/2031(a)(j)		10,908		10,921
Aqua Finance Trust
Series 2020-AA, Class A, 1.90%, 7/17/2046(a)		2,543		2,551
Series 2021-A, Class B, 2.40%, 7/17/2046‡(a)		2,187		2,166
Ares CLO Ltd (Cayman Islands) Series 2016-40A, Class A1RR, 1.05%, 1/15/2029(a)(j)		15,000		15,000
Atlas Senior Loan Fund (Cayman Islands) Series 2019-13A, Class A1NR, 1.21%, 4/22/2031(a)(j)		14,050		14,046
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026(a)		4,730		4,873
Bain Capital Credit CLO Ltd. (Cayman Islands)
Series 2016-2A, Class ARR, 1.09%, 1/15/2029(a)(j)		10,623		10,632
Series 2017-1A, Class A1R, 1.10%, 7/20/2030(a)(j)		10,090		10,096
Ballyrock CLO Ltd. (Cayman Islands) Series 2019-1A, Class A1R, 1.15%, 7/15/2032(a)(j)		16,195		16,191
BCC Funding Corp. XVI LLC Series 2019-1A, Class A2, 2.46%, 8/20/2024(a)		4,721		4,762
Benefit Street Partners CLO Ltd. (Cayman Islands) Series 2013-IIA, Class A1R2, 0.99%, 7/15/2029(a)(j)		7,619		7,625
Business Jet Securities LLC
Series 2020-1A, Class A, 2.98%, 11/15/2035(a)		3,726		3,764
Series 2021-1A, Class A, 2.16%, 4/15/2036(a)		11,163		11,165
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands) Series 2015-1A, Class AR3, 1.11%, 7/20/2031(a)(j)		14,187		14,180
CarNow Auto Receivables Trust
Series 2021-1A, Class A, 0.97%, 10/15/2024(a)		806		806
Series 2021-1A, Class C, 2.16%, 2/17/2026(a)		2,154		2,153
Series 2021-2A, Class D, 2.25%, 3/15/2027(a)		7,190		7,166
CARS-DB4 LP
Series 2020-1A, Class A4, 3.19%, 2/15/2050(a)		1,496		1,511
Series 2020-1A, Class B1, 4.17%, 2/15/2050‡(a)		1,500		1,526

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Carvana Auto Receivables Trust
Series 2019-4A, Class B, 2.53%, 7/15/2024(a)		6,200		6,238
Series 2019-4A, Class D, 3.07%, 7/15/2025(a)		1,821		1,870
Series 2020-N1A, Class D, 3.43%, 1/15/2026(a)		4,200		4,318
Cascade MH Asset Trust Series 2019-MH1, Class A, 4.00%, 11/25/2044(a)(j)		4,124		4,290
CF Hippolyta LLC
Series 2020-1, Class A1, 1.69%, 7/15/2060(a)		4,948		4,926
Series 2020-1, Class B1, 2.28%, 7/15/2060‡(a)		2,735		2,741
Series 2021-1A, Class B1, 1.98%, 3/15/2061‡(a)		2,324		2,302
CIFC Funding Ltd. (Cayman Islands)
Series 2012-2RA, Class A1, 0.93%, 1/20/2028(a)(j)		551		551
Series 2019-1A, Class AR, 1.23%, 4/20/2032(a)(j)		11,690		11,705
CIG Auto Receivables Trust
Series 2019-1A, Class B, 3.59%, 8/15/2024(a)		2,654		2,675
Series 2020-1A, Class B, 1.55%, 1/13/2025(a)		9,500		9,542
Consumer Underlying Bond Securitization Series 2018-1, Class A, 4.79%, 2/17/2026(a)		2,114		2,129
CPS Auto Receivables Trust
Series 2019-B, Class C, 3.35%, 1/15/2024(a)		758		760
Series 2020-A, Class B, 2.36%, 2/15/2024(a)		585		586
Series 2018-D, Class E, 5.82%, 6/16/2025(a)		12,215		12,734
Series 2019-D, Class D, 2.72%, 9/15/2025(a)		2,100		2,131
Series 2019-D, Class E, 3.86%, 10/15/2025(a)		13,013		13,397
Series 2020-A, Class C, 2.54%, 12/15/2025(a)		1,690		1,707
Series 2020-A, Class D, 2.90%, 12/15/2025(a)		5,500		5,603
Series 2020-A, Class E, 4.09%, 12/15/2025(a)		2,000		2,038
Series 2020-C, Class D, 2.41%, 11/16/2026(a)		3,500		3,549
Series 2021-A, Class D, 1.16%, 12/15/2026(a)		2,875		2,848
Series 2020-C, Class E, 4.22%, 5/17/2027(a)		18,450		19,148
Series 2021-C, Class C, 1.21%, 6/15/2027(a)		10,720		10,610
Series 2021-D, Class D, 2.31%, 12/15/2027(a)		15,550		15,483
CPS Auto Trust Series 2018-C, Class D, 4.40%, 6/17/2024(a)		418		424
Credit Acceptance Auto Loan Trust
Series 2019-3A, Class A, 2.38%, 11/15/2028(a)		3,210		3,242
Series 2019-3A, Class B, 2.86%, 1/16/2029(a)		9,250		9,449
Series 2020-3A, Class B, 1.77%, 12/17/2029(a)		8,600		8,636
Series 2021-2A, Class B, 1.26%, 4/15/2030(a)		6,000		5,936
Series 2021-3A, Class A, 1.00%, 5/15/2030(a)		5,319		5,286
Series 2021-2A, Class C, 1.64%, 6/17/2030(a)		2,500		2,471
Series 2021-3A, Class B, 1.38%, 7/15/2030(a)		3,400		3,366
Series 2021-3A, Class C, 1.63%, 9/16/2030(a)		2,500		2,476
Crossroads Asset Trust Series 2021-A, Class A2, 0.82%, 3/20/2024(a)		1,832		1,833
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051(a)		9,333		9,174
Diamond Resorts Owner Trust Series 2021-1A, Class C, 2.70%, 11/21/2033‡(a)		890		889
Drive Auto Receivables Trust
Series 2018-3, Class D, 4.30%, 9/16/2024		259		262
Series 2019-3, Class C, 2.90%, 8/15/2025		871		879
Series 2019-4, Class C, 2.51%, 11/17/2025		1,767		1,778
Series 2018-4, Class D, 4.09%, 1/15/2026		367		374
Series 2019-2, Class D, 3.69%, 8/17/2026		500		513
Series 2019-3, Class D, 3.18%, 10/15/2026		3,000		3,070
Series 2019-4, Class D, 2.70%, 2/16/2027		5,000		5,097
Driven Brands Funding LLC Series 2021-1A, Class A2, 2.79%, 10/20/2051(a)		11,286		11,104
Dryden Senior Loan Fund (Cayman Islands) Series 2017-49A, Class AR, 1.07%, 7/18/2030(a)(j)		16,250		16,272
DT Auto Owner Trust
Series 2019-4A, Class B, 2.36%, 1/16/2024(a)		784		785
Series 2018-3A, Class D, 4.19%, 7/15/2024(a)		683		694
Series 2019-4A, Class C, 2.73%, 7/15/2025(a)		2,068		2,090
Series 2019-4A, Class D, 2.85%, 7/15/2025(a)		10,000		10,239
Series 2020-1A, Class C, 2.29%, 11/17/2025(a)		5,156		5,216

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2020-1A, Class D, 2.55%, 11/17/2025(a)		3,735		3,811
Series 2020-3A, Class D, 1.84%, 6/15/2026(a)		1,750		1,757
Series 2021-1A, Class D, 1.16%, 11/16/2026(a)		1,567		1,547
Series 2021-2A, Class D, 1.50%, 2/16/2027(a)		3,611		3,572
Series 2020-1A, Class E, 3.48%, 2/16/2027(a)		10,000		10,262
Series 2021-3A, Class D, 1.31%, 5/17/2027(a)		18,750		18,375
Series 2021-4A, Class D, 1.99%, 9/15/2027(a)		7,714		7,696
Elara HGV Timeshare Issuer LLC Series 2021-A, Class B, 1.74%, 8/27/2035‡(a)		4,769		4,725
Elmwood CLO Ltd. (Cayman Islands) Series 2021-3A, Class A, 1.13%, 10/20/2034(a)(j)		20,727		20,739
Exeter Automobile Receivables Trust
Series 2019-3A, Class C, 2.79%, 5/15/2024(a)		964		970
Series 2018-3A, Class E, 5.43%, 8/15/2024(a)		3,385		3,539
Series 2019-4A, Class C, 2.44%, 9/16/2024(a)		4,259		4,286
Series 2019-1A, Class D, 4.13%, 12/16/2024(a)		3,850		3,939
Series 2020-1A, Class C, 2.49%, 1/15/2025(a)		2,700		2,725
Series 2019-3A, Class D, 3.11%, 8/15/2025(a)		620		635
Series 2019-4A, Class D, 2.58%, 9/15/2025(a)		7,940		8,089
Series 2020-1A, Class D, 2.73%, 12/15/2025(a)		1,440		1,474
Series 2020-2A, Class D, 4.73%, 4/15/2026(a)		5,000		5,264
Series 2019-3A, Class E, 4.00%, 8/17/2026(a)		810		840
Series 2019-4A, Class E, 3.56%, 10/15/2026(a)		13,000		13,297
Series 2021-1A, Class D, 1.08%, 11/16/2026		5,391		5,334
Series 2021-2A, Class D, 1.40%, 4/15/2027		13,533		13,388
Series 2021-4A, Class D, 1.96%, 1/17/2028		15,065		15,040
Fair Square Issuance Trust Series 2020-AA, Class A, 2.90%, 9/20/2024(a)		2,750		2,759
First Investors Auto Owner Trust
Series 2019-2A, Class B, 2.47%, 1/15/2025(a)		3,095		3,120
Series 2021-1A, Class C, 1.17%, 3/15/2027(a)		2,250		2,226
FirstKey Homes Trust Series 2021-SFR3, Class E1, 2.99%, 12/17/2038‡(a)(k)		11,500		11,494
Flagship Credit Auto Trust
Series 2017-4, Class D, 3.58%, 1/15/2024(a)		300		305
Series 2019-4, Class B, 2.53%, 11/17/2025(a)		3,360		3,398
Series 2019-4, Class C, 2.77%, 12/15/2025(a)		2,480		2,540
Series 2020-1, Class C, 2.24%, 1/15/2026(a)		3,460		3,504
Series 2021-1, Class D, 1.27%, 3/15/2027(a)		4,361		4,261
Foundation Finance Trust Series 2021-1A, Class A, 1.27%, 5/15/2041(a)		16,118		15,906
FREED ABS Trust
Series 2019-1, Class C, 5.39%, 6/18/2026‡(a)		4,814		4,870
Series 2019-2, Class B, 3.19%, 11/18/2026‡(a)		3,112		3,122
Series 2019-2, Class C, 4.86%, 11/18/2026‡(a)		5,000		5,091
Series 2020-FP1, Class A, 2.52%, 3/18/2027(a)		81		82
Series 2020-2CP, Class B, 5.50%, 6/18/2027‡(a)		3,854		3,911
Series 2020-3FP, Class B, 4.18%, 9/20/2027‡(a)		4,114		4,141
Series 2021-1CP, Class B, 1.41%, 3/20/2028‡(a)		1,815		1,812
Series 2021-3FP, Class B, 1.01%, 11/20/2028‡(a)		4,333		4,303
FRTKL
Series 2021-SFR1, Class D, 2.17%, 9/17/2038‡(a)		9,762		9,547
Series 2021-SFR1, Class E1, 2.37%, 9/17/2038‡(a)		3,750		3,668
Galaxy CLO Ltd. (Cayman Islands)
Series 2015-19A, Class A1RR, 1.07%, 7/24/2030(a)(j)		18,750		18,740
Series 2013-15A, Class ARR, 1.09%, 10/15/2030(a)(j)		15,398		15,402
GLS Auto Receivables Issuer Trust
Series 2019-4A, Class A, 2.47%, 11/15/2023(a)		158		158
Series 2019-4A, Class B, 2.78%, 9/16/2024(a)		1,500		1,516
Series 2019-3A, Class C, 2.96%, 5/15/2025(a)		5,000		5,076
Series 2019-4A, Class C, 3.06%, 8/15/2025(a)		1,200		1,226
Series 2020-4A, Class D, 1.64%, 10/15/2026(a)		3,000		3,007
Series 2021-3A, Class D, 1.48%, 7/15/2027(a)		9,800		9,656
GLS Auto Receivables Trust
Series 2018-1A, Class B, 3.52%, 8/15/2023(a)		81		81
Series 2018-2A, Class C, 4.17%, 4/15/2024(a)		218		221

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Goldentree Loan Management US CLO Ltd. (Cayman Islands) Series 2019-4A, Class AR, 1.23%, 4/24/2031(a)(j)		2,582		2,581
Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2, Class A, 1.15%, 6/25/2051(a)		25,136		24,833
Home Partners of America Trust Series 2021-2, Class E1, 2.85%, 12/17/2026(a)		15,000		14,892
KREF Ltd. Series 2021-FL2, Class AS, 1.39%, 2/15/2039‡(a)(j)		7,500		7,491
LCM LP (Cayman Islands) Series 14A, Class AR, 1.17%, 7/20/2031(a)(j)		5,900		5,907
LCM Ltd. (Cayman Islands) Series 24A, Class AR, 1.11%, 3/20/2030(a)(j)		8,359		8,365
Lendbuzz Securitization Trust Series 2021-1A, Class A, 1.46%, 6/15/2026(a)		14,683		14,649
Lendingpoint Asset Securitization Trust
Series 2021-A, Class A, 1.00%, 12/15/2028(a)		16,288		16,254
Series 2021-A, Class B, 1.46%, 12/15/2028‡(a)		4,708		4,675
Series 2021-B, Class A, 1.11%, 2/15/2029(a)		4,632		4,628
LendingPoint Asset Securitization Trust Series 2020-REV1, Class A, 2.73%, 10/15/2028(a)		12,000		12,077
Lendmark Funding Trust
Series 2019-2A, Class A, 2.78%, 4/20/2028(a)		12,030		12,210
Series 2021-1A, Class B, 2.47%, 11/20/2031‡(a)		2,750		2,776
Series 2021-2A, Class A, 2.00%, 4/20/2032(a)		4,444		4,428
Mariner Finance Issuance Trust Series 2021-AA, Class A, 1.86%, 3/20/2036(a)		6,885		6,789
Marlette Funding Trust Series 2019-4A, Class A, 2.39%, 12/17/2029(a)		513		514
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049(a)		735		772
Mercury Financial Credit Card Master Trust
Series 2021-1A, Class A, 1.54%, 3/20/2026(a)		9,630		9,636
Series 2021-1A, Class B, 2.33%, 3/20/2026(a)		2,000		1,985
Morgan Stanley ABS Capital I, Inc. Trust Series 2004-SD1, Class A, 0.89%, 8/25/2034‡(j)		417		412
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands)
Series 2020-37A, Class AR, 1.10%, 7/20/2031(a)(j)		26,548		26,558
Series 2021-40A, Class A, 1.18%, 4/16/2033(a)(j)		15,000		15,024
Newark BSL CLO 2 Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 1.09%, 7/25/2030(a)(j)		7,636		7,634
NMEF Funding LLC
Series 2021-A, Class A2, 0.81%, 12/15/2027(a)		8,813		8,801
Series 2021-A, Class B, 1.85%, 12/15/2027‡(a)		2,416		2,411
NRZ Excess Spread-Collateralized Notes
Series 2021-FNT2, Class A, 3.23%, 5/25/2026(a)		14,307		14,209
Series 2021-GNT1, Class A, 3.47%, 11/25/2026(a)		8,815		8,815
Octagon Investment Partners 30 Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 1.13%, 3/17/2030(a)(j)		11,795		11,797
Oportun Funding XIV LLC Series 2021-A, Class A, 1.21%, 3/8/2028(a)		4,346		4,342
Oportun Issuance Trust Series 2021-B, Class A, 1.47%, 5/8/2031(a)		4,384		4,367
Pagaya AI Debt Selection Trust
Series 2021-1, Class A, 1.18%, 11/15/2027(a)		9,597		9,584
Series 2021-HG1, Class A, 1.22%, 1/16/2029(a)		18,345		18,292
Series 2021-3, Class A, 1.15%, 5/15/2029(a)		6,023		6,003
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2020-1A, Class A1, 0.96%, 2/20/2028(a)(j)		761		762
Series 2021-2A, Class A1, 0.96%, 5/20/2029(a)(j)		16,597		16,593
Series 2021-3A, Class A1, 0.97%, 7/20/2029(a)(j)		8,621		8,619
Series 2021-4A, Class A1, 0.92%, 10/15/2029(a)(j)		8,000		7,999
Pawneee Equipment Receivables LLC Series 2021-1, Class B, 1.82%, 7/15/2027‡(a)		2,066		2,052
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024(a)		1,000		1,004
Series 2018-1A, Class C, 3.75%, 10/15/2024(a)		285		287
Series 2018-1A, Class D, 4.14%, 10/15/2024(a)		7,240		7,372
PRET LLC Series 2021-NPL3, Class A1, 1.87%, 7/25/2051(a)(h)		4,396		4,372

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pretium Mortgage Credit Partners I LLC
Series 2021-NPL2, Class A1, 1.99%, 6/27/2060(a)(h)		7,151		7,085
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060‡(a)(h)		12,500		12,421
Progress Residential
Series 2021-SFR1, Class C, 1.56%, 4/17/2038‡(a)		3,000		2,901
Series 2021-SFR1, Class D, 1.81%, 4/17/2038‡(a)		3,171		3,050
Progress Residential Trust
Series 2021-SFR6, Class C, 1.86%, 7/17/2038‡(a)		6,250		6,134
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038‡(a)		22,500		22,043
Regional Management Issuance Trust
Series 2019-1, Class A, 3.05%, 11/15/2028(a)		7,435		7,468
Series 2021-1, Class A, 1.68%, 3/17/2031(a)		5,728		5,669
Santander Consumer Auto Receivables Trust Series 2021-AA, Class D, 1.57%, 1/15/2027(a)		1,500		1,488
Santander Drive Auto Receivables Trust
Series 2017-3, Class E, 4.97%, 1/15/2025		5,000		5,026
Series 2018-1, Class E, 4.37%, 5/15/2025(a)		5,000		5,053
Series 2018-4, Class D, 3.98%, 12/15/2025		480		488
Series 2020-3, Class C, 1.12%, 1/15/2026		1,970		1,977
Series 2020-2, Class D, 2.22%, 9/15/2026		6,175		6,276
Series 2021-1, Class D, 1.13%, 11/16/2026		6,475		6,447
Series 2020-4, Class D, 1.48%, 1/15/2027		1,785		1,791
Series 2021-2, Class D, 1.35%, 7/15/2027		13,000		12,951
Series 2021-3, Class D, 1.33%, 9/15/2027		24,000		23,743
Santander Revolving Auto Loan Trust
Series 2019-A, Class A, 2.51%, 1/26/2032(a)		14,400		14,914
Series 2019-A, Class D, 3.45%, 1/26/2032(a)		2,390		2,484
Sierra Timeshare Receivables Funding LLC
Series 2021-1A, Class B, 1.34%, 11/20/2037‡(a)		1,169		1,154
Series 2021-1A, Class C, 1.79%, 11/20/2037‡(a)		1,039		1,029
Small Business Lending Trust Series 2020-A, Class A, 2.62%, 12/15/2026(a)		384		384
SoFi Consumer Loan Program LLC
Series 2017-6, Class B, 3.52%, 11/25/2026‡(a)		55		55
Series 2017-6, Class C, 4.02%, 11/25/2026‡(a)		300		301
SoFi Professional Loan Program Trust Series 2020-A, Class A2FX, 2.54%, 5/15/2046(a)		2,625		2,681
Sound Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class AR, 1.21%, 1/20/2032(a)(j)		19,340		19,335
Stonepeak ABS Series 2021-1A, 3.82%, 2/28/2033(a)		4,772		4,754
Stratus CLO Ltd. (Cayman Islands) Series 2021-1A, Class A, 12/29/2029(a)(j)(k)		10,000		10,000
Symphony CLO Ltd. (Cayman Islands) Series 2016-18A, Class A1RR, 1.22%, 7/23/2033(a)(j)		23,705		23,699
TCI-Symphony CLO Ltd. (Cayman Islands) Series 2017-1A, Class AR, 1.05%, 7/15/2030(a)(j)		17,000		17,007
Theorem Funding Trust Series 2021-1A, Class A, 1.21%, 12/15/2027(a)		4,972		4,967
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A, 2.56%, 11/25/2031(a)		2,167		2,243
Tricon Residential Trust
Series 2021-SFR1, Class E1, 2.79%, 7/17/2038‡(a)		3,760		3,754
Series 2021-SFR1, Class E2, 2.89%, 7/17/2038‡(a)		1,250		1,247
United Airlines Pass-Through Trust Series 2019-1, Class AA, 4.15%, 8/25/2031		287		316
United Auto Credit Securitization Trust
Series 2020-1, Class C, 2.15%, 2/10/2025(a)		3,800		3,813
Series 2021-1, Class D, 1.14%, 6/10/2026(a)		13,000		12,928
Upstart Pass-Through Trust
Series 2021-ST5, Class A, 2.00%, 7/20/2027(a)		4,284		4,256
Series 2021-ST7, Class A, 1.85%, 9/20/2029(a)		6,514		6,473
Upstart Securitization Trust
Series 2020-1, Class A, 2.32%, 4/22/2030(a)		1,445		1,450
Series 2020-3, Class A, 1.70%, 11/20/2030(a)		3,459		3,472
Series 2021-1, Class A, 0.87%, 3/20/2031(a)		1,277		1,273
Series 2021-2, Class A, 0.91%, 6/20/2031(a)		3,015		3,012
Series 2021-2, Class B, 1.75%, 6/20/2031‡(a)		6,943		6,900
Series 2021-4, Class B, 1.84%, 9/20/2031‡(a)		8,998		8,883
Series 2021-5, Class B, 2.49%, 11/20/2031‡(a)		13,000		12,863
US Auto Funding
Series 2021-1A, Class A, 0.79%, 7/15/2024(a)		6,478		6,469
Series 2021-1A, Class B, 1.49%, 3/17/2025(a)		2,686		2,668

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
USASF Receivables LLC Series 2020-1A, Class A, 2.47%, 8/15/2023(a)		760		762
Vantage Data Centers Issuer LLC Series 2019-1A, Class A2, 3.19%, 7/15/2044(a)		684		700
VCAT LLC
Series 2021-NPL3, Class A1, 1.74%, 5/25/2051(a)(h)		11,905		11,805
Series 2021-NPL4, Class A1, 1.87%, 8/25/2051(a)(h)		9,627		9,597
Venture CLO Ltd. (Cayman Islands)
Series 2018-33A, Class A1LR, 1.18%, 7/15/2031(a)(j)		13,530		13,527
Series 2019-36A, Class A1AR, 1.26%, 4/20/2032(a)(j)		11,936		11,933
Veros Automobile Receivables Trust Series 2020-1, Class A, 1.67%, 9/15/2023(a)		441		442
VOLT C LLC Series 2021-NPL9, Class A1, 1.99%, 5/25/2051(a)(h)		5,678		5,659
VOLT CI LLC Series 2021-NP10, Class A1, 1.99%, 5/25/2051(a)(h)		7,625		7,606
VOLT CIII LLC Series 2021-CF1, Class A1, 1.99%, 8/25/2051‡(a)(h)		14,450		14,382
VOLT XCII LLC Series 2021-NPL1, Class A1, 1.89%, 2/27/2051(a)(h)		3,612		3,604
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051(a)(h)		12,460		12,385
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051(a)(h)		8,744		8,724
VOLT XCV LLC Series 2021-NPL4, Class A1, 2.24%, 3/27/2051‡(a)(h)		9,086		9,055
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051(a)(h)		5,505		5,490
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051(a)(h)		6,591		6,566
VOLT XCVIII LLC Series 2021-NPL7, Class A1, 2.12%, 4/25/2051(a)(h)		3,190		3,186
Westgate Resorts LLC Series 2020-1A, Class A, 2.71%, 3/20/2034(a)		1,288		1,305
Westlake Automobile Receivables Trust
Series 2018-3A, Class D, 4.00%, 10/16/2023(a)		324		327
Series 2019-2A, Class C, 2.84%, 7/15/2024(a)		1,759		1,770
Series 2019-3A, Class C, 2.49%, 10/15/2024(a)		4,500		4,535
Series 2019-3A, Class D, 2.72%, 11/15/2024(a)		7,500		7,642
Series 2019-2A, Class D, 3.20%, 11/15/2024(a)		1,000		1,020
Series 2019-3A, Class E, 3.59%, 3/17/2025(a)		1,700		1,754
Series 2020-1A, Class D, 2.80%, 6/16/2025(a)		4,000		4,090
Series 2020-3A, Class D, 1.65%, 2/17/2026(a)		13,000		13,059
Series 2019-3A, Class F, 4.72%, 4/15/2026(a)		2,000		2,047
Series 2021-3A, Class D, 2.12%, 1/15/2027(a)		5,000		5,010
Series 2021-3A, Class E, 3.42%, 4/15/2027(a)		15,000		14,973
TOTAL ASSET-BACKED SECURITIES (Cost $1,729,226)				1,727,318
MORTGAGE-BACKED SECURITIES — 8.8%
FHLMC Gold Pools, 15 Year
Pool # J24740, 3.00%, 7/1/2028		53		55
Pool # G15655, 3.00%, 10/1/2028		135		142
Pool # G18528, 3.50%, 10/1/2029		3,554		3,759
Pool # G15890, 3.00%, 7/1/2031		3,802		4,010
FHLMC Gold Pools, 20 Year Pool # C91649, 3.00%, 4/1/2033		42		44
FHLMC Gold Pools, 30 Year Pool # G61879, 4.50%, 3/1/2047		248		273
FHLMC UMBS, 10 Year
Pool # RD5034, 2.00%, 9/1/2030		37,098		38,066
Pool # RD5053, 2.00%, 3/1/2031		22,833		23,429
FHLMC UMBS, 15 Year
Pool # ZS8594, 3.00%, 1/1/2031		1,675		1,761
Pool # ZS8598, 3.00%, 2/1/2031		1,782		1,875
Pool # SB0268, 3.00%, 5/1/2033		522		549
Pool # SB0041, 3.50%, 7/1/2034		3,489		3,688
FHLMC UMBS, 30 Year
Pool # ZS9524, 3.50%, 1/1/2044		13,926		15,039
Pool # SD0057, 3.50%, 5/1/2048		5,757		6,215

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
FNMA UMBS, 15 Year
Pool # BM4202, 3.50%, 12/1/2029		5,621		5,968
Pool # AL8153, 3.00%, 3/1/2031		3,934		4,147
Pool # AL9552, 3.50%, 8/1/2031		372		398
Pool # AS9697, 3.50%, 5/1/2032		128		136
Pool # CA0778, 3.00%, 11/1/2032		247		262
Pool # MA4516, 2.00%, 12/1/2036(k)		134,210		137,714
FNMA UMBS, 20 Year
Pool # MA1446, 3.50%, 5/1/2033		204		215
Pool # MA1527, 3.00%, 8/1/2033		128		135
Pool # MA1921, 3.50%, 6/1/2034		7,138		7,627
Pool # CA1791, 3.50%, 2/1/2038		11,654		12,439
FNMA UMBS, 30 Year
Pool # AB1463, 4.00%, 9/1/2040		6,858		7,559
Pool # AL7453, 4.00%, 2/1/2045		5,014		5,564
Pool # AS7039, 4.50%, 4/1/2046		1,109		1,214
FNMA, Other
Pool # BF0125, 4.00%, 7/1/2056		11,561		12,548
Pool # BF0144, 3.50%, 10/1/2056		6,570		7,139
Pool # BF0184, 4.00%, 2/1/2057		3,637		4,001
Pool # BF0263, 3.50%, 5/1/2058		6,841		7,447
FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 1.50%, 12/25/2036(k)		415,900		418,076
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 3.00%, 12/25/2051(k)		12,900		13,395
GNMA II, 30 Year
Pool # MA7535, 3.00%, 8/20/2051		22,968		23,900
Pool # MA7650, 3.00%, 10/20/2051		31,456		32,747
Pool # MA7705, 2.50%, 11/20/2051		35,190		36,198
Pool # MA7706, 3.00%, 11/20/2051		41,900		43,659
TOTAL MORTGAGE-BACKED SECURITIES (Cost $878,307)				881,393
COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.8%
AREIT Trust Series 2021-CRE5, Class C, 2.34%, 8/17/2026‡(a)(j)		20,131		20,140
Ashford Hospitality Trust Series 2018-KEYS, Class B, 1.54%, 6/15/2035‡(a)(j)		600		600
BANK Series 2020-BN30, Class XA, IO, 1.44%, 12/15/2053(j)		84,176		7,803
Barclays Commercial Mortgage Trust Series 2019-C5, Class XA, IO, 1.02%, 11/15/2052(j)		111,808		5,915
BHMS Series 2018-ATLS, Class A, 1.34%, 7/15/2035(a)(j)		500		500
BX
Series 2021-MFM1, Class D, 1.59%, 1/15/2034‡(a)(j)		2,000		1,978
Series 2021-MFM1, Class E, 2.34%, 1/15/2034‡(a)(j)		2,546		2,530
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 1.79%, 11/15/2035‡(a)(j)		454		453
Series 2021-VOLT, Class D, 1.74%, 9/15/2036‡(a)(j)		18,725		18,614
Series 2020-BXLP, Class C, 1.21%, 12/15/2036‡(a)(j)		4,371		4,358
Series 2020-BXLP, Class D, 1.34%, 12/15/2036‡(a)(j)		3,106		3,093
Series 2020-BXLP, Class F, 2.09%, 12/15/2036‡(a)(j)		6,271		6,224
Series 2021-XL2, Class E, 1.94%, 10/15/2038‡(a)(j)		13,195		13,005
BX Trust
Series 2019-CALM, Class E, 2.09%, 11/15/2032‡(a)(j)		3,750		3,736
Series 2021-RISE, Class D, 11/15/2036‡(a)(j)(k)		3,240		3,240
BXMT Ltd. (Cayman Islands)
Series 2021-FL4, Class A, 1.14%, 5/15/2038(a)(j)		3,000		2,994
Series 2021-FL4, Class C, 1.84%, 5/15/2038‡(a)(j)		1,750		1,744
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E, 2.24%, 12/15/2037‡(a)(j)		200		199
Cantor Commercial Real Estate Lending Series 2019-CF1, Class A5, 3.79%, 5/15/2052		11,000		12,198
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.90%, 1/10/2036‡(a)(j)		400		418
Series 2019-PRM, Class C, 3.90%, 5/10/2036‡(a)		1,750		1,818
Series 2019-PRM, Class D, 4.35%, 5/10/2036‡(a)		2,144		2,225

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019-PRM, Class E, 4.89%, 5/10/2036‡(a)(j)		1,000		1,024
Series 2021-PRM2, Class F, 3.84%, 10/15/2036‡(a)(j)		14,725		14,725
Series 2014-GC19, Class D, 5.26%, 3/10/2047‡(a)(j)		9,750		10,194
Series 2014-GC23, Class C, 4.58%, 7/10/2047‡(j)		10,000		10,453
Series 2015-GC27, Class B, 3.77%, 2/10/2048‡		3,900		4,034
Series 2015-GC27, Class C, 4.57%, 2/10/2048‡(j)		10,337		10,729
Series 2015-GC29, Class C, 4.29%, 4/10/2048‡(j)		3,600		3,750
Series 2015-GC31, Class C, 4.19%, 6/10/2048‡(j)		530		544
Series 2015-P1, Class D, 3.23%, 9/15/2048‡(a)		2,000		1,882
Series 2016-C1, Class D, 5.11%, 5/10/2049‡(a)(j)		6,116		6,195
Series 2015-GC33, Class B, 4.73%, 9/10/2058‡(j)		3,500		3,734
COMM Mortgage Trust
Series 2019-WCM, Class G, 2.79%, 10/15/2034‡(a)(j)		9,590		9,418
Series 2014-UBS5, Class C, 4.77%, 9/10/2047‡(j)		2,750		2,818
Series 2015-CR26, Class B, 4.63%, 10/10/2048‡(j)		2,550		2,743
Series 2015-PC1, Class B, 4.46%, 7/10/2050‡(j)		8,150		8,685
Commercial Mortgage Trust
Series 2015-3BP, Class B, 3.35%, 2/10/2035‡(a)(j)		7,185		7,424
Series 2020-CBM, Class D, 3.75%, 2/10/2037‡(a)(j)		10,000		9,926
Series 2020-CBM, Class E, 3.75%, 2/10/2037‡(a)(j)		10,000		9,695
Series 2014-CR14, Class B, 4.75%, 2/10/2047‡(j)		4,523		4,761
Series 2014-UBS2, Class D, 5.17%, 3/10/2047‡(a)(j)		1,500		1,489
Series 2014-UBS3, Class B, 4.31%, 6/10/2047‡		2,000		2,099
Series 2014-CR19, Class D, 4.86%, 8/10/2047‡(a)(j)		3,291		3,239
Series 2014-CR20, Class D, 3.22%, 11/10/2047‡(a)		4,000		3,414
Series 2014-CR20, Class C, 4.65%, 11/10/2047‡(j)		1,000		1,019
Series 2014-CR21, Class D, 4.07%, 12/10/2047‡(a)(j)		4,000		3,286
Series 2015-CR23, Class D, 4.43%, 5/10/2048‡(j)		2,000		1,990
Series 2015-LC21, Class D, 4.48%, 7/10/2048‡(j)		1,000		1,001
Series 2015-CR25, Class B, 4.68%, 8/10/2048‡(j)		5,899		6,326
Series 2019-GC44, Class XA, IO, 0.77%, 8/15/2057(j)		66,476		2,614
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class B, 1.32%, 5/15/2036‡(a)(j)		1,200		1,197
CSAIL Commercial Mortgage Trust
Series 2015-C4, Class E, 3.71%, 11/15/2048‡(j)		2,973		2,895
Series 2015-C2, Class B, 4.21%, 6/15/2057‡(j)		3,250		3,349
FHLMC, Multi-Family Structured Credit Risk
Series 2021-MN2, Class M1, 1.85%, 7/25/2041(a)(j)		9,909		9,910
Series 2021-MN1, Class M1, 2.05%, 1/25/2051(a)(j)		925		927
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K018, Class X1, IO, 1.36%, 1/25/2022(j)		2,365		—	(l)
Series K027, Class X1, IO, 0.84%, 1/25/2023(j)		10,174		64
Series K034, Class X1, IO, 0.18%, 7/25/2023(j)		157,767		199
Series K033, Class X1, IO, 0.40%, 7/25/2023(j)		49,691		212
Series KC03, Class X1, IO, 0.63%, 11/25/2024(j)		58,390		715
Series KC06, Class X1, IO, 1.03%, 6/25/2026(j)		37,968		988
Series K734, Class X3, IO, 2.24%, 7/25/2026(j)		40,000		3,396
Series KC05, Class X1, IO, 1.34%, 6/25/2027(j)		28,858		1,296
Series K068, Class X1, IO, 0.56%, 8/25/2027(j)		241,331		5,506
Series K739, Class X1, IO, 1.39%, 9/25/2027(j)		66,975		4,132
Series K078, Class X1, IO, 0.22%, 6/25/2028(j)		49,641		393
Series K096, Class X3, IO, 2.11%, 7/25/2029(j)		48,000		6,423
Series K090, Class X3, IO, 2.39%, 10/25/2029(j)		32,598		4,905
Series K112, Class X1, IO, 1.54%, 5/25/2030(j)		24,969		2,665
Series K114, Class X1, IO, 1.21%, 6/25/2030(j)		66,366		5,585
Series K723, Class X3, IO, 1.98%, 10/25/2034(j)		7,410		255
Series K-1516, Class X1, IO, 1.63%, 5/25/2035(j)		34,882		5,726
Series Q012, Class X, IO, 4.19%, 9/25/2035(j)		14,119		3,392
Series K025, Class X3, IO, 1.81%, 11/25/2040(j)		3,360		51
Series K028, Class X3, IO, 1.72%, 6/25/2041(j)		145,000		3,182
Series K721, Class X3, IO, 1.34%, 11/25/2042(j)		6,071		61

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series K054, Class X3, IO, 1.65%, 4/25/2043(j)		3,700		224
Series K068, Class X3, IO, 2.13%, 10/25/2044(j)		3,368		355
Series K059, Class X3, IO, 1.98%, 11/25/2044(j)		5,700		480
Series K061, Class X3, IO, 2.04%, 12/25/2044(j)		2,775		247
Series K070, Class X3, IO, 2.11%, 12/25/2044(j)		16,537		1,802
Series K072, Class X3, IO, 2.21%, 12/25/2045(j)		1,200		137
Series K087, Class X3, IO, 2.39%, 1/25/2046(j)		14,050		1,998
Series K097, Class X3, IO, 2.09%, 9/25/2046(j)		20,477		2,771
Series K082, Class X3, IO, 2.29%, 10/25/2046(j)		8,700		1,147
Series K103, Class X3, IO, 1.91%, 12/25/2046(j)		44,892		5,728
Series K104, Class X3, IO, 1.96%, 2/25/2047(j)		25,300		3,399
Series K088, Class X3, IO, 2.42%, 2/25/2047(j)		10,500		1,573
Series K735, Class X3, IO, 2.23%, 5/25/2047(j)		40,532		3,484
Series K093, Class X3, IO, 2.28%, 5/25/2047(j)		50,000		7,171
Series K092, Class X3, IO, 2.32%, 5/25/2047(j)		39,434		5,769
Series K095, Class X3, IO, 2.17%, 8/25/2047(j)		25,000		3,480
Series K736, Class X3, IO, 2.08%, 9/25/2047(j)		50,000		4,160
Series K099, Class X3, IO, 2.02%, 10/25/2047(j)		13,745		1,775
Series K111, Class X3, IO, 3.29%, 4/25/2048(j)		15,644		3,618
Series K110, Class X3, IO, 3.52%, 6/25/2048(j)		15,544		3,779
Series K112, Class X3, IO, 3.10%, 7/25/2048(j)		8,600		1,880
Series K114, Class X3, IO, 2.83%, 8/25/2048(j)		10,750		2,118
Series K119, Class X3, IO, 2.82%, 9/25/2048(j)		24,710		5,068
Series K115, Class X3, IO, 3.06%, 9/25/2048(j)		21,273		4,568
Series K125, Class X3, IO, 2.75%, 2/25/2049(j)		15,690		3,193
Series K105, Class X3, IO, 2.04%, 3/25/2053(j)		40,058		5,635
FNMA ACES
Series 2020-M10, Class X1, IO, 1.92%, 12/25/2030(j)		49,548		6,317
Series 2019-M21, Class X2, IO, 1.46%, 2/25/2031(j)		34,350		3,329
FNMA, Multi-Family REMIC Trust Series 2020-M37, Class X, IO, 1.20%, 4/25/2032(j)		80,306		5,888
FREMF Series 2018-KF46, Class B, 2.04%, 3/25/2028(a)(j)		196		191
FREMF Mortgage Trust
Series 2017-K727, Class C, 3.87%, 7/25/2024(a)(j)		2,000		2,075
Series 2017-KF36, Class B, 2.74%, 8/25/2024(a)(j)		2,717		2,717
Series 2017-KF34, Class B, 2.79%, 8/25/2024(a)(j)		3,194		3,194
Series 2017-KF38, Class B, 2.59%, 9/25/2024(a)(j)		85		85
Series 2017-KF39, Class B, 2.59%, 11/25/2024(a)(j)		99		99
Series 2018-KF42, Class B, 2.29%, 12/25/2024(a)(j)		1,407		1,401
Series 2018-KF53, Class B, 2.14%, 10/25/2025(j)		630		626
Series 2019-KC03, Class B, 4.51%, 1/25/2026(a)(j)		5,000		5,281
Series 2019-KF60, Class B, 2.44%, 2/25/2026(a)(j)		2,475		2,480
Series 2019-KF62, Class B, 2.14%, 4/25/2026(a)(j)		547		544
Series 2019-KC06, Class B, 3.95%, 9/25/2026(a)(j)		7,600		7,320
Series 2018-KSW4, Class B, 2.54%, 10/25/2028(j)		7,243		7,243
Series 2012-K17, Class B, 4.46%, 12/25/2044(a)(j)		168		168
Series 2012-K18, Class B, 4.31%, 1/25/2045(a)(j)		385		386
Series 2012-K19, Class B, 4.15%, 5/25/2045(a)(j)		300		301
Series 2012-K21, Class B, 4.06%, 7/25/2045(a)(j)		530		538
Series 2013-K26, Class B, 3.72%, 12/25/2045(a)(j)		6,500		6,661
Series 2013-K31, Class C, 3.75%, 7/25/2046(a)(j)		3,000		3,090
Series 2013-K34, Class B, 3.85%, 9/25/2046(a)(j)		1,000		1,040
Series 2014-K40, Class C, 4.21%, 11/25/2047(a)(j)		2,000		2,109
Series 2015-K49, Class B, 3.85%, 10/25/2048(a)(j)		5,282		5,595
Series 2015-K51, Class C, 4.09%, 10/25/2048(a)(j)		4,955		5,217
Series 2017-K726, Class C, 4.14%, 7/25/2049(a)(j)		2,300		2,398
Series 2017-K729, Class B, 3.80%, 11/25/2049(a)(j)		200		210
Series 2017-K729, Class C, 3.80%, 11/25/2049(a)(j)		3,000		3,114
Series 2017-K62, Class C, 4.01%, 1/25/2050(a)(j)		5,145		5,428
Series 2018-K730, Class C, 3.92%, 2/25/2050(a)(j)		3,000		3,128
Series 2017-K728, Class B, 3.77%, 11/25/2050(a)(j)		1,825		1,920

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
GNMA
Series 2015-115, IO, 0.46%, 7/16/2057(j)		1,993		54
Series 2017-54, IO, 0.63%, 12/16/2058(j)		9,393		451
Series 2017-23, IO, 0.63%, 5/16/2059(j)		1,732		76
GS Mortgage Securities Corp. II Series 2013-GC10, Class C, 4.29%, 2/10/2046‡(a)(j)		3,291		3,358
GS Mortgage Securities Trust
Series 2013-GC12, Class E, 3.25%, 6/10/2046‡(a)		2,000		1,828
Series 2013-GC12, Class D, 4.59%, 6/10/2046‡(a)(j)		2,000		1,978
Series 2015-GC34, Class D, 2.98%, 10/10/2048‡		1,500		1,345
Series 2016-GS3, Class C, 4.12%, 10/10/2049‡(j)		4,085		4,214
Series 2017-GS5, Class D, 3.51%, 3/10/2050‡(a)(j)		2,250		2,164
Series 2015-GC30, Class C, 4.21%, 5/10/2050‡(j)		3,695		3,844
Series 2020-GSA2, Class XA, IO, 1.85%, 12/12/2053(a)(j)		39,827		4,865
Independence Plaza Trust
Series 2018-INDP, Class A, 3.76%, 7/10/2035(a)		10,950		11,356
Series 2018-INDP, Class C, 4.16%, 7/10/2035‡(a)		17,650		18,212
JPMBB Commercial Mortgage Securities Trust
Series 2014-C19, Class C, 4.81%, 4/15/2047‡(j)		2,000		2,097
Series 2015-C30, Class C, 4.41%, 7/15/2048‡(j)		7,732		7,887
Series 2015-C31, Class B, 4.77%, 8/15/2048‡(j)		4,410		4,730
Series 2015-C31, Class C, 4.77%, 8/15/2048‡(j)		3,360		3,509
Series 2016-C1, Class D1, 4.30%, 3/15/2049‡(a)(j)		4,600		4,684
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class D, 4.75%, 3/15/2050‡(a)(j)		3,725		3,736
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-C16, Class D, 5.17%, 12/15/2046(a)(j)		1,165		1,194
Series 2015-JP1, Class E, 4.38%, 1/15/2049‡(a)(j)		2,320		1,992
KKR Industrial Portfolio Trust
Series 2021-KDIP, Class C, 1.09%, 12/15/2037‡(a)(j)		1,125		1,110
Series 2021-KDIP, Class D, 1.34%, 12/15/2037‡(a)(j)		825		811
Series 2021-KDIP, Class E, 1.64%, 12/15/2037‡(a)(j)		750		735
KNDL Mortgage Trust Series 2019-KNSQ, Class A, 0.89%, 5/15/2036(a)(j)		950		950
Life Mortgage Trust
Series 2021-BMR, Class A, 0.79%, 3/15/2038(a)(j)		10,000		9,980
Series 2021-BMR, Class C, 1.19%, 3/15/2038‡(a)(j)		2,805		2,781
MHC Commercial Mortgage Trust
Series 2021-MHC, Class A, 0.89%, 4/15/2038(a)(j)		10,000		9,975
Series 2021-MHC, Class D, 1.69%, 4/15/2038‡(a)(j)		2,250		2,244
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class D, 5.22%, 2/15/2047‡(a)(j)		1,627		1,676
Series 2014-C15, Class C, 5.06%, 4/15/2047(j)		300		316
Series 2014-C17, Class C, 4.64%, 8/15/2047‡(j)		5,411		5,610
Series 2014-C17, Class D, 4.88%, 8/15/2047‡(a)(j)		2,000		1,910
Series 2014-C18, Class B, 4.61%, 10/15/2047‡(j)		12,000		12,672
Series 2014-C18, Class C, 4.65%, 10/15/2047‡(j)		4,366		4,465
Series 2015-C20, Class C, 4.60%, 2/15/2048‡(j)		5,400		5,554
Series 2015-C24, Class D, 3.26%, 5/15/2048(a)		3,150		3,008
Series 2015-C24, Class C, 4.49%, 5/15/2048‡(j)		2,060		2,131
Series 2016-C31, Class B, 3.88%, 11/15/2049‡(j)		2,577		2,724
Series 2015-C23, Class D, 4.28%, 7/15/2050‡(a)(j)		2,000		1,987
Morgan Stanley Capital I Trust
Series 2018-SUN, Class B, 1.29%, 7/15/2035‡(a)(j)		250		249
Series 2015-MS1, Class B, 4.17%, 5/15/2048‡(j)		5,450		5,754
Series 2015-UBS8, Class B, 4.31%, 12/15/2048‡(j)		1,404		1,450
Series 2020-HR8, Class XA, IO, 1.97%, 7/15/2053(j)		21,230		2,816
MRCD MARK Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036(a)		6,960		7,078
Series 2019-PARK, Class B, 2.72%, 12/15/2036(a)		6,000		6,040
Series 2019-PARK, Class D, 2.72%, 12/15/2036‡(a)		10,000		9,838
Series 2019-PARK, Class E, 2.72%, 12/15/2036‡(a)		7,500		7,346
MSCG Trust Series 2018-SELF, Class A, 0.99%, 10/15/2037(a)(j)		9,800		9,788

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Multi-Family Connecticut Avenue Securities Trust Series 2019-01, Class M7, 1.79%, 10/15/2049‡(a)(j)		2,804		2,793
PFP Ltd. (Cayman Islands) Series 2021-7, Class C, 1.74%, 4/14/2038‡(a)(j)		3,333		3,313
SG Commercial Mortgage Securities Trust Series 2016-C5, Class B, 3.93%, 10/10/2048‡		275		284
STWD Mortgage Trust (Cayman Islands)
Series 2021-LIH, Class B, 1.76%, 11/15/2036‡(a)(j)		3,600		3,592
Series 2021-LIH, Class C, 2.05%, 11/15/2036‡(a)(j)		2,200		2,193
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048(a)(j)		1,781		1,831
Series 2021-1, Class A, 1.40%, 5/25/2051(a)(j)		4,896		4,803
Series 2021-2, Class A, 1.52%, 8/25/2051(a)(j)		10,837		10,649
Wells Fargo Commercial Mortgage Trust
Series 2021-SAVE, Class A, 1.24%, 2/15/2040(a)(j)		10,497		10,500
Series 2015-C27, Class C, 3.89%, 2/15/2048‡		2,500		2,473
Series 2015-C29, Class C, 4.36%, 6/15/2048‡(j)		3,750		3,951
Series 2018-C43, Class A3, 3.75%, 3/15/2051		1,875		2,030
Series 2015-LC22, Class D, 4.71%, 9/15/2058‡(j)		10,106		10,153
WFRBS Commercial Mortgage Trust
Series 2013-C11, Class B, 3.71%, 3/15/2045‡(j)		150		153
Series 2013-C12, Class B, 3.86%, 3/15/2048(j)		150		154
Series 2014-C22, Class C, 3.91%, 9/15/2057‡(j)		13,583		13,928
Series 2014-C22, Class D, 4.05%, 9/15/2057‡(a)(j)		1,000		931
Series 2014-C22, Class B, 4.37%, 9/15/2057‡(j)		8,000		8,422
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $787,455)				782,797
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.2%
Alternative Loan Trust
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		198		202
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		149		152
Angel Oak Mortgage Trust
Series 2019-5, Class A1, 2.59%, 10/25/2049(a)(j)		1,684		1,681
Series 2019-5, Class A3, 2.92%, 10/25/2049(a)(j)		1,347		1,345
Series 2019-5, Class B1, 3.96%, 10/25/2049‡(a)(j)		1,060		1,058
Angel Oak Mortgage Trust I LLC Series 2018-3, Class B1, 5.04%, 9/25/2048‡(a)(j)		4,000		4,004
ANTLR Mortgage Trust Series 2021-RTL1, Class A1, 2.12%, 11/25/2024(a)(j)		7,538		7,554
Arroyo Mortgage Trust
Series 2019-1, Class A1, 3.80%, 1/25/2049(a)(j)		152		153
Series 2019-2, Class A3, 3.80%, 4/25/2049(a)(j)		373		375
CFMT LLC
Series 2021-HB5, Class M1, 1.37%, 2/25/2031‡(a)(j)		2,550		2,523
Series 2021-HB5, Class M2, 1.85%, 2/25/2031‡(a)(j)		3,000		2,964
CHL Mortgage Pass-Through Trust
Series 2005-J2, Class 3A8, 5.50%, 8/25/2035		594		465
Series 2006-HYB2, Class 2A1B, 2.89%, 4/20/2036(j)		109		104
CIM Trust
Series 2019-INV2, Class A11, 1.04%, 5/25/2049‡(a)(j)		154		154
Series 2019-INV3, Class A11, 1.04%, 8/25/2049(a)(j)		1,362		1,363
Citigroup Mortgage Loan Trust
Series 2019-IMC1, Class A1, 2.72%, 7/25/2049(a)(j)		285		287
Series 2019-IMC1, Class A3, 3.03%, 7/25/2049(a)(j)		270		272
Series 2019-IMC1, Class B1, 3.97%, 7/25/2049‡(a)(j)		410		412
Connecticut Avenue Securities Trust
Series 2019-R02, Class 1M2, 2.39%, 8/25/2031‡(a)(j)		1,452		1,459
Series 2019-R04, Class 2M2, 2.19%, 6/25/2039‡(a)(j)		757		758
Series 2019-R05, Class 1M2, 2.09%, 7/25/2039‡(a)(j)		162		163
Series 2019-R06, Class 2M2, 2.19%, 9/25/2039(a)(j)		2,105		2,109
Series 2019-R07, Class 1M2, 2.19%, 10/25/2039‡(a)(j)		826		828
Series 2020-R01, Class 1M2, 2.14%, 1/25/2040‡(a)(j)		390		392
Series 2021-R01, Class 1M2, 1.60%, 10/25/2041(a)(j)		2,550		2,562
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-9, Class 1A2, 5.25%, 10/25/2035		1,026		1,049

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
CSMC Trust Series 2021-RPL1, Class A1, 1.67%, 9/27/2060(a)(j)		6,192		6,167
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-3, Class 2A1, 0.84%, 10/25/2047(j)		787		735
FHLMC STACR REMIC Trust
Series 2020-DNA1, Class M2, 1.79%, 1/25/2050(a)(j)		13,798		13,831
Series 2020-HQA3, Class B1, 5.84%, 7/25/2050(a)(j)		7,595		7,904
Series 2020-DNA6, Class M1, 0.95%, 12/25/2050(a)(j)		756		756
Series 2021-DNA1, Class M1, 0.70%, 1/25/2051(a)(j)		2,400		2,400
FHLMC Structured Agency Credit Risk Debt Notes
Series 2015-DNA1, Class M3, 3.39%, 10/25/2027(j)		355		360
Series 2017-DNA3, Class M1, 0.84%, 3/25/2030(j)		18		18
Series 2017-DNA3, Class M2, 2.59%, 3/25/2030(j)		250		256
Series 2018-HQA1, Class M2, 2.39%, 9/25/2030(j)		306		309
Series 2019-CS03, Class M1, 0.09%, 10/25/2032(a)(j)		7,505		7,499
Series 2021-DNA2, Class M1, 0.85%, 8/25/2033(a)(j)		4,480		4,482
FHLMC, REMIC
Series 3806, Class L, 3.50%, 2/15/2026		3,928		4,095
Series 4533, Class KA, 3.00%, 11/15/2026		411		427
Series 3703, Class DY, 4.00%, 8/15/2030		143		151
Series 3036, Class NE, 5.00%, 9/15/2035		116		131
Series 3294, Class NE, 5.50%, 3/15/2037		258		297
Series 3820, Class GJ, 3.50%, 12/15/2039		42		42
Series 3966, Class AG, 3.00%, 10/15/2040		318		320
Series 4091, Class TA, 3.00%, 5/15/2041		88		91
Series 4467, Class AB, 3.00%, 7/15/2041		3		3
Series 4048, Class CA, 2.00%, 9/15/2041		178		181
Series 4012, Class GS, IF, IO, 6.41%, 3/15/2042(j)		5,975		1,167
Series 4661, Class HA, 3.00%, 5/15/2043		760		775
Series 4239, Class LD, 3.00%, 8/15/2043		89		94
Series 4480, Class QA, 3.00%, 11/15/2043		94		97
Series 4711, Class HA, 3.00%, 12/15/2043		41		42
Series 4466, Class NL, 3.50%, 12/15/2043		1,807		1,873
Series 4338, Class SA, IF, IO, 5.91%, 5/15/2044(j)		5,998		1,222
Series 4623, Class EB, 2.50%, 12/15/2044		185		190
Series 4477, Class SA, IF, IO, 6.06%, 5/15/2045(j)		5,420		1,088
Series 4505, Class SA, IF, IO, 6.06%, 8/15/2045(j)		4,833		1,120
Series 4843, Class PH, 4.00%, 7/15/2046		41		41
Series 4681, Class SD, IF, IO, 6.06%, 5/15/2047(j)		415		92
Series 4924, Class YP, 3.00%, 2/25/2049		4,490		4,682
Series 4906, Class QS, IF, IO, 5.96%, 9/25/2049(j)		5,701		1,072
Series 4925, Class SA, IF, IO, 5.96%, 10/25/2049(j)		5,969		1,091
Series 4925, Class SH, IF, IO, 6.01%, 10/25/2049(j)		10,501		2,208
Series 4937, Class MS, IF, IO, 5.96%, 12/25/2049(j)		18,301		3,293
Series 4954, Class SB, IF, IO, 5.96%, 2/25/2050(j)		10,525		2,125
Series 4954, Class SY, IF, IO, 5.96%, 2/25/2050(j)		10,697		1,962
Series 5021, Class MI, IO, 3.00%, 10/25/2050		32,354		5,150
Series 4632, Class MA, 4.00%, 8/15/2054		8,119		8,561
Series 4634, Class MD, 5.00%, 11/15/2054		15,489		16,451
Series 4630, Class MA, 4.00%, 1/15/2055		14,064		14,682
Series 4839, Class WS, IF, IO, 6.01%, 8/15/2056(j)		15,463		3,426
FHLMC, STRIPS
Series 306, Class 250, 2.50%, 5/15/2028		98		99
Series 267, Class S5, IF, IO, 5.91%, 8/15/2042(j)		4,712		979
Series 342, Class S7, IF, IO, 6.02%, 2/15/2045(j)		2,017		401
FNMA, Connecticut Avenue Securities
Series 2017-C07, Class 2M2, 2.59%, 5/25/2030(j)		4,041		4,100
Series 2018-C01, Class 1M2, 2.34%, 7/25/2030(j)		2,119		2,143
Series 2021-R02, Class 2M2, 1.00%, 11/25/2041(a)(j)		6,500		6,518
FNMA, REMIC
Series 2013-40, Class VA, 3.50%, 5/25/2026		739		760
Series 2017-41, Class MV, 4.00%, 8/25/2028		1,942		2,098
Series 2014-3, Class AM, 2.50%, 1/25/2032		530		538

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2013-67, Class VB, 4.00%, 6/25/2032		118		119
Series 2014-12, Class ED, 2.50%, 12/25/2032		600		614
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033		1,288		134
Series 2014-84, Class KA, 3.00%, 11/25/2040		147		148
Series 2013-81, Class AE, 3.50%, 2/25/2041		495		511
Series 2016-11, Class LA, 3.50%, 5/25/2042		868		890
Series 2015-2, Class PA, 2.25%, 3/25/2044		102		104
Series 2015-27, Class HA, 3.00%, 3/25/2044		4,362		4,508
Series 2014-75, Class JA, 3.00%, 10/25/2044		291		303
Series 2016-63, Class JA, 2.50%, 12/25/2044		311		320
Series 2017-14, Class DA, 3.00%, 2/25/2045		490		507
Series 2015-54, Class FA, 0.44%, 7/25/2045(j)		69		69
Series 2015-85, Class SA, IF, IO, 5.53%, 11/25/2045(j)		4,554		879
Series 2016-40, Class FA, 0.74%, 7/25/2046(j)		20		21
Series 2016-74, Class GS, IF, IO, 5.91%, 10/25/2046(j)		2,248		528
Series 2017-13, Class AS, IF, IO, 5.96%, 2/25/2047(j)		527		117
Series 2017-31, Class SG, IF, IO, 6.01%, 5/25/2047(j)		11,608		2,291
Series 2017-47, Class ST, IF, IO, 6.01%, 6/25/2047(j)		549		115
Series 2017-69, Class SH, IF, IO, 6.11%, 9/25/2047(j)		463		100
Series 2019-17, Class GB, 4.00%, 10/25/2047		1,046		1,110
Series 2018-27, Class SE, IF, IO, 6.11%, 5/25/2048(j)		1,041		224
Series 2019-31, Class S, IF, IO, 5.96%, 7/25/2049(j)		5,745		1,085
Series 2019-42, Class SK, IF, IO, 5.96%, 8/25/2049(j)		4,837		843
Series 2016-98, Class A, 4.00%, 6/25/2050		17,769		18,585
Series 2016-98, Class DA, 4.00%, 12/25/2051		22,622		24,090
Series 2017-46, Class LB, 3.50%, 12/25/2052		331		342
Series 2017-49, Class JD, 3.50%, 7/25/2053		1,096		1,124
Series 2017-49, Class JA, 4.00%, 7/25/2053		1,027		1,062
Series 2017-96, Class KA, 3.00%, 1/25/2055		470		488
FWD Securitization Trust
Series 2019-INV1, Class A3, 3.11%, 6/25/2049(a)(j)		392		398
Series 2019-INV1, Class M1, 3.48%, 6/25/2049‡(a)(j)		500		504
GCAT LLC Series 2019-NQM1, Class M1, 3.85%, 2/25/2059‡(a)(j)		500		498
GNMA
Series 2010-166, Class SD, IF, IO, 5.93%, 12/20/2040(j)		761		171
Series 2012-39, Class MI, IO, 4.00%, 3/16/2042		365		58
Series 2015-123, Class SE, IF, IO, 5.63%, 9/20/2045(j)		5,898		966
Series 2016-108, Class SM, IF, IO, 6.01%, 8/20/2046(j)		990		203
Series 2016-146, Class NS, IF, IO, 6.01%, 10/20/2046(j)		1,284		288
Series 2017-80, Class AS, IF, IO, 6.11%, 5/20/2047(j)		997		197
Series 2017-93, Class SE, IF, IO, 6.11%, 6/20/2047(j)		1,075		221
Series 2017-163, Class PA, 3.00%, 7/20/2047		8,100		8,515
Series 2017-117, Class SB, IF, IO, 6.11%, 8/20/2047(j)		800		157
Series 2017-134, Class SD, IF, IO, 6.11%, 9/20/2047(j)		1,097		200
Series 2017-155, Class KS, IF, IO, 6.11%, 10/20/2047(j)		1,070		188
Series 2017-163, Class HS, IF, IO, 6.11%, 11/20/2047(j)		4,398		780
Series 2017-180, Class SD, IF, IO, 6.11%, 12/20/2047(j)		1,138		199
Series 2018-36, Class SG, IF, IO, 6.11%, 3/20/2048(j)		1,035		216
Series 2018-46, Class AS, IF, IO, 6.11%, 3/20/2048(j)		5,896		1,182
Series 2018-139, Class SB, IF, IO, 6.06%, 10/20/2048(j)		8,828		1,748
Series 2019-71, Class SK, IF, IO, 6.06%, 6/20/2049(j)		4,761		772
Series 2019-115, Class SW, IF, IO, 6.01%, 9/20/2049(j)		12,654		1,966
Series 2019-117, Class SA, IF, IO, 6.01%, 9/20/2049(j)		8,716		1,624
Legacy Mortgage Asset Trust
Series 2021-GS2, Class A1, 1.75%, 4/25/2061(a)(h)		5,294		5,259
Series 2021-GS3, Class A1, 1.75%, 7/25/2061(a)(h)		10,170		10,096
Series 2021-GS1, Class A1, 1.89%, 10/25/2066(a)(h)		5,522		5,522
LHOME Mortgage Trust
Series 2019-RTL3, Class A1, 3.87%, 7/25/2024(a)		4,255		4,271
Series 2021-RTL1, Class A1, 2.09%, 9/25/2026(a)(j)		2,812		2,805

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
New Residential Mortgage Loan Trust
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059(a)(j)		4,293			4,324
Series 2019-NQM5, Class A3, 3.07%, 11/25/2059(a)(j)		1,916			1,927
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059(a)(j)		3,041			3,069
NYMT Loan Trust
Series 2020-SP2, Class A1, 2.94%, 10/25/2060(a)(j)		2,282			2,283
Series 2021-SP1, Class A1, 1.67%, 8/25/2061(a)(h)		5,820			5,766
OBX Trust
Series 2020-INV1, Class A11, 0.99%, 12/25/2049(a)(j)		1,406			1,406
Series 2019-EXP3, Class 2A1A, 0.99%, 10/25/2059(a)(j)		565			566
Series 2019-EXP3, Class 2A1B, 0.99%, 10/25/2059(a)(j)		2,160			2,161
Series 2020-EXP3, Class 2A1, 0.99%, 1/25/2060(a)(j)		1,745			1,746
PRET LLC Series 2021-RN4, Class A1, 2.49%, 11/25/2061(a)(j)		6,250			6,255
PRPM LLC
Series 2021-2, Class A1, 2.12%, 3/25/2026(a)(j)		3,695			3,675
Series 2021-3, Class A1, 1.87%, 4/25/2026(a)(h)		5,179			5,159
Series 2021-4, Class A1, 1.87%, 4/25/2026(a)(h)		12,329			12,223
Series 2021-6, Class A1, 1.79%, 7/25/2026(a)(h)		13,785			13,690
Series 2021-7, Class A1, 1.87%, 8/25/2026(a)(h)		12,011			11,907
Series 2021-8, Class A1, 1.74%, 9/25/2026(a)(j)		7,267			7,195
Series 2021-10, Class A1, 2.49%, 10/25/2026(a)(h)		13,801			13,789
Series 2021-11, Class A1, 2.49%, 11/25/2026(a)(j)		10,157			10,157
RALI Trust Series 2003-QS12, Class A4, 3.35%, 6/25/2018		—	(l)		—	(l)
RCO VII Mortgage LLC Series 2021-1, Class A1, 1.87%, 5/26/2026(a)(h)		12,137			12,097
Structured Asset Mortgage Investments II Trust Series 2006-AR6, Class 2A1, 0.47%, 7/25/2046(j)		1,103			932
Verus Securitization Trust
Series 2019-4, Class A1, 2.64%, 11/25/2059(a)(h)		1,083			1,096
Series 2019-4, Class M1, 3.21%, 11/25/2059‡(a)(j)		1,600			1,620
Series 2019-4, Class B1, 3.86%, 11/25/2059‡(a)(j)		600			605
VOLT CV LLC Series 2021-CF2, Class A1, 2.49%, 11/27/2051(a)(h)		8,100			8,092
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR5, Class A6, 2.81%, 5/25/2035(j)		88			92
ZH Trust Series 2021-1, Class A, 2.25%, 2/18/2027(a)		3,676			3,636
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $422,509)					420,686
FOREIGN GOVERNMENT SECURITIES — 1.4%
Arab Republic of Egypt (Egypt)
6.13%, 1/31/2022(c)		700			700
5.58%, 2/21/2023(c)		1,500			1,521
5.75%, 5/29/2024(c)		2,600			2,623
5.75%, 5/29/2024(a)		2,100			2,118
5.88%, 6/11/2025(c)		1,400			1,397
3.88%, 2/16/2026(a)		4,365			3,949
7.50%, 1/31/2027(c)		1,800			1,807
Dominican Republic Government Bond (Dominican Republic)
5.88%, 4/18/2024(c)		1,100			1,150
5.50%, 1/27/2025(c)		2,500			2,688
5.95%, 1/25/2027(c)		1,000			1,102
4.50%, 1/30/2030(a)		8,040			7,993
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024(c)		7,300			4,745
Federal Republic of Nigeria (Nigeria)
7.63%, 11/21/2025(c)		2,800			2,944
6.50%, 11/28/2027(c)		9,200			8,960
6.13%, 9/28/2028(a)		3,689			3,446
7.38%, 9/28/2033(a)		485			441
Hashemite Kingdom of Jordan (Jordan)
4.95%, 7/7/2025(a)		5,520			5,644
4.95%, 7/7/2025(c)		4,000			4,090
Islamic Republic of Pakistan (Pakistan)
8.25%, 4/15/2024(c)		1,700			1,800
6.00%, 4/8/2026(a)		4,336			4,271
Kingdom of Bahrain (Bahrain) 5.45%, 9/16/2032(a)		4,414			4,171
Lebanese Republic (Lebanon) 6.38%, 3/9/2020(i)		4,362			496
Republic of Armenia (Armenia)
7.15%, 3/26/2025(c)		1,800			2,015
3.60%, 2/2/2031(a)		1,790			1,639
Republic of Belarus (Belarus)
6.88%, 2/28/2023(c)		3,300			3,284
5.88%, 2/24/2026(c)		400			358
Republic of Costa Rica (Costa Rica)
4.25%, 1/26/2023(c)		1,000			1,010
4.38%, 4/30/2025(c)		4,800			4,853

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Republic of Cote d’Ivoire (Ivory Coast)
6.38%, 3/3/2028(c)		3,500		3,755
5.75%, 12/31/2032(c)(h)		2,250		2,201
Republic of Ecuador (Ecuador)
Zero Coupon, 7/31/2030(a)		174		94
5.00%, 7/31/2030(a)(h)		2,914		2,376
1.00%, 7/31/2035(a)(h)		1,609		1,038
0.50%, 7/31/2040(a)(h)		738		419
Republic of El Salvador (El Salvador) 5.88%, 1/30/2025(c)		6,380		4,407
Republic of Georgia (Georgia) 2.75%, 4/22/2026(a)		860		849
Republic of Ghana (Ghana)
Zero Coupon, 4/7/2025(a)		6,080		4,061
6.38%, 2/11/2027(c)		6,600		5,421
Republic of Iraq (Iraq) 6.75%, 3/9/2023(c)		4,900		4,823
Republic of Kenya (Kenya)
6.88%, 6/24/2024(c)		5,800		6,101
7.00%, 5/22/2027(c)		5,200		5,382
6.30%, 1/23/2034(a)		717		676
Sultanate of Oman Government Bond (Oman)
4.88%, 2/1/2025(a)		1,913		1,971
4.75%, 6/15/2026(c)		1,000		1,011
Ukraine Government Bond (Ukraine)
7.75%, 9/1/2022(c)		1,000		1,009
7.75%, 9/1/2023(c)		6,900		6,958
8.99%, 2/1/2024(c)		3,600		3,699
7.75%, 9/1/2025(c)		400		400
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $151,309)				137,866
LOAN ASSIGNMENTS — 0.2%(m)
Beverages — 0.1%
Triton Water Holdings, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 3/31/2028(b)		2,993		2,976
Containers & Packaging — 0.0%(f)
Graham Packaging, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 8/4/2027(b)		1,218		1,208
Electrical Equipment — 0.0%(f)
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 3/2/2027(b)		1,089		1,079
Internet & Direct Marketing Retail — 0.0%(f)
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 10/10/2025(b)		2,859		2,837
IT Services — 0.0%(f)
MH Sub I LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 1/1/2028(b)(n)		1,248		1,242
Machinery — 0.0%(f)
Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027(b)		1,227		1,226
Personal Products — 0.0%(f)
Nestle Skin Health, Term Loan B (Luxembourg) (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 10/1/2026(b)		2,456		2,446
Road & Rail — 0.0%(f)
First Student Bidco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 7/21/2028(b)(n)		1,808		1,789
First Student Bidco, Inc., 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 7/21/2028(b)(n)		667		660
				2,449
Software — 0.1%
Ascend Learning LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024(b)		1,089		1,089
Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/1/2027(b)		2,084		2,079
				3,168
Specialty Retail — 0.0%(f)
AppleCaramel Buyer LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.50%, 10/19/2027(b)		1,089		1,083
TOTAL LOAN ASSIGNMENTS (Cost $19,780)				19,714
SUPRANATIONAL — 0.1%
Africa Finance Corp. (Supranational) 4.38%, 4/17/2026(c)(Cost $5,133)		4,700		5,076
	Shares (000)
COMMON STOCKS — 0.0%(f)
Oil, Gas & Consumable Fuels — 0.0%(f)
EP Energy Corp.*		2		140
Gulfport Energy Corp.*		19		1,409
Oasis Petroleum, Inc.		17		1,990
Whiting Petroleum Corp.*		10		639
TOTAL COMMON STOCKS (Cost $2,326)				4,178

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
MUNICIPAL BONDS — 0.0%(f)
California — 0.0%(f)
California Housing Finance Series 2021-1, Class X, Rev., 0.80%, 12/20/2021(j) (Cost $3,515)		54,547			3,663
					—
CONVERTIBLE BONDS — 0.0%(f)
Oil, Gas & Consumable Fuels — 0.0%(f)
Gulfport Energy Operating Corp. 15.00% (PIK), 12/30/2021‡(d)(e)(g)(Cost $46)		—	(l)		255
	Shares (000)
SHORT-TERM INVESTMENTS — 8.7%
INVESTMENT COMPANIES — 8.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07%(o)(p)(Cost $823,656)		823,279			823,608
	Principal Amount ($000)
U.S. TREASURY OBLIGATIONS — 0.5%
U.S. Treasury Bills
0.05%, 12/23/2021(q)(r)		23,294			23,292
0.08%, 2/24/2022(r)		26,650			26,647
TOTAL U.S. TREASURY OBLIGATIONS (Cost $49,938)					49,939
TOTAL SHORT-TERM INVESTMENTS (Cost $873,594)					873,547
Total Investments — 105.9% (Cost $10,690,786)					10,648,725
Liabilities in Excess of Other Assets — (5.9)%					(592,017	)
Net Assets — 100.0%					10,056,708

Percentages indicated are based on net assets.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations

ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
CIFC	Commercial Industrial Finance Corp.
CLO	Collateralized Loan Obligations
CSMC	Credit Suisse Mortgage Trust
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of November 30, 2021. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
PT	Limited liability company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
SCA	Limited partnership with share capital
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2021.
(c)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(d)	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)	Amount rounds to less than 0.1% of net assets.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(g)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(h)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2021.
(i)	Defaulted security.
(j)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2021.
(k)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(l)	Amount rounds to less than one thousand.
(m)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(n)	All or a portion of this security is unsettled as of November 30, 2021. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(o)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(p)	The rate shown is the current yield as of November 30, 2021.
(q)	All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(r)	The rate shown is the effective yield as of November 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

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
U.S. Treasury 2 Year Note		5,785			03/2022		USD		1,264,655			1,702
U.S. Treasury Long Bond		65			03/2022		USD		10,540			193
												1,895
Short Contracts
U.S. Treasury 5 Year Note		(4,186	)		03/2022		USD		(508,010	)		(3,266	)
U.S. Treasury 10 Year Note		(3,719	)		03/2022		USD		(486,375	)		(4,946	)
U.S. Treasury 10 Year Ultra Note		(1,987	)		03/2022		USD		(291,996	)		(4,513	)
U.S. Treasury Ultra Bond		(14	)		03/2022		USD		(2,806	)		(76	)
												(12,801	)
												(10,906	)

Abbreviations

USD United States Dollar

Centrally Cleared Credit default swap contracts outstanding - sell 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.HY.37-V1

5.00

Quarterly

12/20/2026

3.30

USD 113,000

10,340

(615

)

9,725

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

Abbreviations

CDX	Credit Default Swap Index
USD	United States Dollar

JPMorgan Short Duration Core Plus 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.

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

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

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

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

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2021.

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

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

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

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

• 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	$	—		$	1,521,785		$	205,533	$	1,727,318
Collateralized Mortgage Obligations		—			402,744			17,942		420,686
Commercial Mortgage-Backed Securities		—			355,573			427,224		782,797
Common Stocks
Oil, Gas & Consumable Fuels		4,038			140			—		4,178
Convertible Bonds		—			—			255		255
Corporate Bonds
Aerospace & Defense		—			57,123			—		57,123
Airlines		—			11,025			—		11,025
Auto Components		—			28,263			—		28,263
Automobiles		—			140,770			—		140,770
Banks		—			1,150,628			—		1,150,628
Beverages		—			10,886			—		10,886
Biotechnology		—			23,975			—		23,975
Building Products		—			23,412			—		23,412
Capital Markets		—			331,534			—		331,534
Chemicals		—			65,088			—		65,088
Commercial Services & Supplies		—			47,677			—		47,677
Communications Equipment		—			13,339			—		13,339
Construction & Engineering		—			9,961			—		9,961
Construction Materials		—			3,098			—		3,098
Consumer Finance		—			228,112			—		228,112
Containers & Packaging		—			44,749			—		44,749
Distributors		—			910			—		910
Diversified Consumer Services		—			3,080			—		3,080
Diversified Financial Services		—			29,620			—		29,620
Diversified Telecommunication Services		—			110,275			—		110,275
Electric Utilities		—			149,141			—		149,141
Electrical Equipment		—			1,349			—		1,349
Electronic Equipment, Instruments & Components		—			5,914			—		5,914
Energy Equipment & Services		—			13,178			—		13,178
Entertainment		—			24,641			—		24,641
Equity Real Estate Investment Trusts (REITs)		—			71,906			—		71,906
Food & Staples Retailing		—			30,025			—		30,025
Food Products		—			45,246			—		45,246
Gas Utilities		—			2,487			—		2,487
Health Care Equipment & Supplies		—			16,627			—		16,627
Health Care Providers & Services		—			110,998			—		110,998
Health Care Technology		—			5,003			—		5,003
Hotels, Restaurants & Leisure		—			70,824			—		70,824
Household Durables		—			35,047			—		35,047
Household Products		—			16,378			—		16,378
Independent Power and Renewable Electricity Producers		—			18,240			—		18,240
Insurance		—			55,532			—		55,532
Internet & Direct Marketing Retail		—			9,715			—		9,715
IT Services		—			20,666			—		20,666
Leisure Products		—			4,365			—		4,365
Life Sciences Tools & Services		—			2,694			—		2,694
Machinery		—			4,100			—		4,100
Media		—			116,252			—		116,252
Metals & Mining		—			48,803			—		48,803
Multiline Retail		—			2,039			—		2,039
Multi-Utilities		—			14,298			—		14,298
Oil, Gas & Consumable Fuels		—			263,144			82		263,226
Paper & Forest Products		—			2,201			—		2,201
Personal Products		—			6,609			—		6,609
Pharmaceuticals		—			66,585			—		66,585
Professional Services		—			249			—		249
Real Estate Management & Development		—			13,554			—		13,554
Road & Rail		—			49,123			—		49,123
Semiconductors & Semiconductor Equipment		—			44,602			—		44,602
Software		—			23,904			—		23,904
Specialty Retail		—			31,594			—		31,594
Technology Hardware, Storage & Peripherals		—			5,149			—		5,149
Textiles, Apparel & Luxury Goods		—			1,960			—		1,960
Thrifts & Mortgage Finance		—			111,001			—		111,001
Tobacco		—			28,469			—		28,469
Trading Companies & Distributors		—			109,703			—		109,703
Transportation Infrastructure		—			7,479			—		7,479
Wireless Telecommunication Services		—			41,233			—		41,233
Total Corporate Bonds		—			4,035,552			82		4,035,634
Foreign Government Securities		—			137,866			—		137,866
Loan Assignments		—			19,714			—		19,714
Mortgage-Backed Securities		—			881,393			—		881,393
Municipal Bonds		—			3,663			—		3,663
Supranational		—			5,076			—		5,076
U.S. Treasury Obligations		—			1,756,598			—		1,756,598
Short-Term Investments
Investment Companies		823,608			—			—		823,608
U.S. Treasury Obligations		—			49,939			—		49,939
Total Short-Term Investments		823,608			49,939			—		873,547
Total Investments in Securities	$	827,646		$	9,170,043		$	651,036	$	10,648,725
Appreciation in Other Financial Instruments
Futures Contracts	$	1,895		$	—		$	—	$	1,895
Depreciation in Other Financial Instruments
Futures Contracts		(12,801	)		—			—		(12,801	)
Swaps		—			(615	)		—		(615	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(10,906	)	$	(615	)	$	—	$	(11,521	)

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

	Balance as of February 28, 2021		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2021
Investments in Securities:
Asset-Backed Securities	$	42,690	$	—	(a)	$	(2,371	)	$	(86	)	$	178,776		$	(44,116	)	$	30,640	$	—		$	205,533
Collateralized Mortgage Obligations		46,620		(57	)		(406	)		—	(a)		—			(18,399	)		—		(9,816	)		17,942
Commercial Mortgage-Backed Securities		221,979		10			(4,827	)		(310	)		205,332			(11,576	)		16,616		—			427,224
Convertible Bonds		—		(250	)		209			—			298			(2	)		—		—			255
Corporate Bonds		—		—			82			—			—	(a)		—			—		—			82
Total	$	311,289	$	(297	)	$	(7,313	)	$	(396	)	$	384,406		$	(74,093	)	$	47,256	$	(9,816	)	$	651,036

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

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

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2021, which were valued using significant unobservable inputs (level 3) amounted to $(7,074).

There were no significant transfers into or out of level 3 for the period ended November 30, 2021.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Quantitative Information about Level 3 Fair Value Measurements #
	Fair Value at November 30, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	172,165	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 35.00% (10.66%)
				Constant Default Rate	0.00% - 1.77% (0.00%)
				Yield (Discount Rate of Cash Flows)	0.50% - 3.63% (2.47%)
Asset-Backed Securities		172,165
		17,942	Discounted Cash Flow	Constant Prepayment Rate	10.00% - 100.00% (45.33%)
				Constant Default Rate	0.00% - 0.29% (0.06%)
				Yield (Discount Rate of Cash Flows)	1.26% - 4.97% (2.91%)
Collateralized Mortgage Obligations		17,942
		398,789	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	1.73% - 11.38% (3.49%)
Commercial Mortgage-Backed Securities		398,789
Total	$	588,896

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2021, the value of these investments was $62,140. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

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

For the period ended 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 IM Shares, 0.07%(a)(b)	$	323,190	$	4,572,862	$	4,072,307	$	(67	)	$	(70	)	$	823,608		823,279	$	310	$	—

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

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

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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

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

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

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

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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.